DEE Development Engineers Ltd. has secured another significant order worth ₹58 crore from a domestic entity for the manufacture of alloy steel seamless pipes. According to reports from CNBC TV18, the company received the letter of intent from a customer in a joint venture of an Indian and foreign conglomerate of the power sector. However, the company could not disclose the name due to commercial reasons.
This contract represents a milestone for DEE Development, marking 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. As reported by CNBC TV18, the contract is scheduled to be executed by December 2026, indicating a significant timeline for project completion.
The latest contract follows a series of recent wins for the company. According to CNBC TV18, earlier this week, DEE Development won contracts worth ₹173 crore for itself and its unit combined. Additionally, last week, the company received an order worth $40 million for the supply of HRSG piping for 16 units from an international entity, which had previously caused the stock to surge over 10%.
Despite the new contract announcement, shares of DEE Development Engineers are trading 1.2% lower on Friday at ₹300.2. As reported by CNBC TV18, the stock is down after a five-day rally, during which the stock had surged 45%. The current decline suggests investors may be taking profits following the recent significant gains.
