New Delhi, July 22 -- Shares of Dev Information Technology (DEV IT), a small-cap IT services company, rallied sharply on Tuesday, July 22, rising as much as 6.7 percent to touch an intra-day high of Rs.120.95. The surge came despite broader markets remaining range-bound, as investor sentiment turned bullish following the company's announcement of a new government contract.

In an exchange filing, DEV IT said it had secured a significant order worth Rs.1.29 crore from the National Informatics Centre Services Incorporated (NICSI). The project involves developing a comprehensive Integrated Financial Management System (IFMS) to support and streamline the state's financial operations.

According to the company, the IFMS platform will cover mul...