Shares of DEE Development Engineers Limited rose to an intraday high of Rs 654.20 on 2 June, surpassing the previous 52-week high of Rs 623.05 recorded on 1 June, after the company disclosed new contracts worth Rs 206.55 crore from a Maharatna public sector firm in the power sector.

The order covers the manufacture and supply of critical piping assemblies for multiple power sector units. 

These are high-pressure pipe systems that carry steam inside large thermal power plants, specifically the Main Steam Package and Hot Reheat System. Four units are covered under the contracts in total.

Each unit carries its own delivery window. Two are to be completed within six to 12 months of the purchase order being issued. The remaining two carry a longer schedule of two to 15 months. The Rs 206.55 crore figure is exclusive of GST.

The client is a Maharatna-rated state-owned EPC company in the power sector. DEE Development did not name the client in its exchange filing, citing commercial confidentiality. 

The stock has been gaining steadily. DEEDEV is up nearly 50% over the past month, per available market data. 

The company also has a board meeting on 3 June to consider a fund-raising proposal, which may keep investor attention on the counter.

At 11:40 am on NSE, DEEDEV was quoted at Rs 654.20, up 5% against a previous close of Rs 623.05.

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