DEE Development jumps on commissioning 2nd phase of manufacturing plant in Gujarat
Dee Development Engineers is currently trading at Rs. 309.00, up by 8.65 points or 2.88% from its previous closing of Rs. 300.35 on the BSE.
The scrip opened at Rs. 300.00 and has touched a high and low of Rs. 322.00 and Rs. 298.90 respectively. So far 21919 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 400.00 on 05-Jul-2024 and a 52 week low of Rs. 226.00 on 25-Oct-2024.
Last one week high and low of the scrip stood at Rs. 322.00 and Rs. 276.90 respectively. The current market cap of the company is Rs. 2129.28 crore.
The promoters holding in the company stood at 70.17%, while Institutions and Non-Institutions held 17.33% and 12.47% respectively.
DEE Development Engineers has commissioned 2nd phase of its new, cutting-edge manufacturing plant in Anjar, Gujarat, through which it has enhanced the capacity by 9,000 MT per annum and making the operational capacity to 12,000 MT per annum. This facility shall primarily cater to the jobs of oil and gas piping sector.
This significant investment is integral to DEE Development’s strategy to capitalize on growing opportunities in the oil and gas sector. The new facility will enable the company to effectively meet the rising demand for high-quality process piping solutions and thick seamless pipes, positioning it to benefit from orders within this industry.
This new facility, spanning 47 acres, will have a significant impact on the local community by generating approximately 100 direct employment opportunities and around 500 additional jobs for labourers. Beyond direct employment, the plant will contribute to the local economy by creating demand for various support services and businesses. DEE Development is committed to fostering economic growth in Anjar and the broader Gujarat region.
Dee Development Engineers is an engineering company providing specialized process piping solutions for industries such as oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement and manufacturing.
