DEE Development Engineers bags another ₹58 crore order but stock falls after 45% rally

Shares of DEE Development Engineers Ltd. snapped a five-day rally on Friday, February 27,  despite the company having bagged another order worth ₹58 crore from a domestic entity for the manufacture of alloy steel seamless pipesThe company said it received the letter of intent from a customer in a joint venture of an Indian and a foreign conglomerate of the power sector. However, it could not disclose the name due to commercial reasons.

DEE Development said this will be its first ever contract for the supply of seamless pipes that will be manufactured at its newly-established forged seamless pipe plant in Anjar, Gujarat.
The contract is to be executed by December 2026, it said.
Earlier this week, DEE Development won contracts worth ₹173 crore for itself and its unit combined.

Last week, it received an order worth $40 million for the supply of HRSG piping for 16 units from an international entity, following which its stock stock surged over 10%.

Shares of DEE Development Engineers are trading 1.2% lower on Friday at ₹300.2. The stock is down after a five-day rally, during which the stock had surged 45%.

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