Shares of DEE Development Engineers soared 2% to a day’s high of Rs 363.30 before diminishing their gains and ending flat on 27th August after the company announced that it had secured a purchase order worth approximately Rs 26.58 crore from L&T Energy Hydrocarbon, a leading provider of engineering and construction services.

This order requires the company to provide comprehensive piping spool fabrication services, including post-weld heat treatment, blasting, painting, and related tasks.

The contract is associated with L&T’s Module Fabrication Facility (MFFK), situated in Kattupalli, Tamil Nadu, which is among L&T’s 1,200-acre marine complex in a Special Economic Zone.

This complex also features a shipbuilding and repair yard, along with a port and freight container station.

The company’s stock price has surged 8.3% from its issue price of Rs 203 since its debut on 26th June 2024, successfully raising Rs 418.01 crore.

In Q1FY25, the company reported a net profit of Rs 3.19 crore, reversing a net loss of Rs 4.58 crore from the previous quarter ended June 2023.

The company’s revenue for the quarter ended June 2024 increased by 17.56% to Rs 184.97 crore, compared to Rs 157.34 crore in the same quarter last year.

At 3:30 PM, the shares of DEE Development Engineers closed 0.80% lower at Rs 347.80 on NSE.

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