DEE Development Engineers shares gained more than 2% in early trade on Tuesday after the company announced that it had secured new contracts worth ₹206.55 crore (excluding GST) from a public sector Maharatna EPC conglomerate operating in India's power sector.
As of 10:39 AM, the stock touched an intraday high of ₹636, marking a fresh 52-week high, compared to its previous close of ₹623.05. The stock opened at ₹651.80 and traded in a range of ₹626 to ₹636 during the session. Live trading volume stood at 2.42 lakh shares.
DEE Development Engineers Bags ₹206.55 Crore Order
According to an exchange filing, the company has received a Letter of Intent (LoI) for the manufacturing and supply of Critical Piping Assembly, including the Main Steam Package and Hot Reheat System. These are crucial components used in thermal power generation projects.
The customer has not been identified due to commercial confidentiality obligations.
Project Scope and Execution Timeline
The contract has been awarded by a domestic entity and involves the supply of critical piping systems for multiple power generation units.
Under the order terms, execution timelines vary across the projects. Two units are expected to be completed within 6 to 12 months from the date of the purchase order, while the remaining two units are scheduled for execution within 2 to 15 months from the purchase order date.
The order strengthens DEE Development Engineers' presence in the power infrastructure segment and adds to its order book in a sector witnessing continued investment in generation capacity and related equipment.
DEE Development Engineers Share Price Performance
Investor sentiment remained positive following the order announcement, pushing the stock to a new 52-week high during the trading session.
DEE Development Engineers Share Price Snapshot (10:39 AM):
- Previous Close: ₹623.05
- Open: ₹651.80
- Day's Low: ₹626.00
- Day's High: ₹636.00
- 52-Week Low: ₹183.00
- 52-Week High: ₹636.00
- Volume: 2,42,194 shares
Market participants will continue to monitor execution progress of the newly secured contracts and further order inflows from the power sector.