Shares of DEE Development Engineers Ltd slumped 4% on 27 February, following the overall market trajectory, despite the company securing a Rs 58 crore order for manufacturing alloy steel seamless pipes. 

The company announced that it has received a letter of intent from a customer operating as a joint venture between an Indian conglomerate and a foreign power sector major. However, it did not disclose the client’s name due to commercial confidentiality.

DEE Development stated that this marks its first-ever contract to supply seamless pipes manufactured at its newly established forged seamless pipe plant in Anjar, Gujarat. The company will execute the contract by December 2026.

Earlier this week, DEE Development secured contracts worth Rs 173 crore for itself and its subsidiary combined.

Last week, the company also bagged a $40 million order from an international entity to supply HRSG piping for 16 units. Following this development, its stock surged by more than 10%.

At 12:52 pm, the shares of DEE Development were trading 3.58% lower at Rs 293.08 on NSE.

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