Intellect Design Arena trades higher for 6th day; stock hits record peak

Shares of Intellect Design Arena hit a new high of Rs 609.40, surging 17 per cent on the BSE, in the intra-day trade on Tuesday on the back of heavy volumes. Trading volumes on the counter jumped nine-fold today with a combined 3.4 million equity shares changing hands on the NSE and BSE till 01:14 pm.

The stock of the IT software products company was trading higher for the sixth trading days, surging 32 per cent during the period. Besides, in the past two months, the stock has zoomed 81 per cent as compared to a 3 per cent gain in the S&P BSE Sensex.

Intellect Design Arena, a cloud-native, future ready multi-product fintech platform for the world’s leading financial & insurance clients caters to the full spectrum of banking and insurance technology products company, across Global Consumer Banking, Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets, and Insurance.

On March 10, Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena, was ranked number 1 in the world for Transaction Banking by IBS Intelligence. The Hanoi-headquartered Vietcombank announced that the firm has now deployed iGTB’s next-generation Digital Transaction Banking Enterprise Suite (DTB).

Tat apart, in separate regulatory filing on March 8, the company announced the launch of Magic Aadhaar, an Al-powered comprehensive Aadhaar processing solution to identify, extract, validate and mask Aadhaar details. It hyper digitises the end-to-end processes, using Aadhaar-based processing.

In October-December quarter (Q3FY21), Intellect Design Arena registered healthy revenues. The company also won six large deals in the quarter representing improving revenue visibility in coming quarters. In addition, the company has a healthy order backlog of Rs 1,203 crore, a strong deal funnel (around Rs 4,162 core) and a digital-ready product portfolio that provides confidence on improved revenue trajectory in coming years.

"This, coupled with penetration in the US market, traction in iGCB (retail banking focused software product) revenues, improving quality of revenues (licence + AMC as percentage of revenues has increased from 45 per cent in FY20 to 53 per cent in YTD21) and huge addressable fintech market (US$300 billion) are key long term drivers of revenue," analysts at ICICI Securities said in December quarter result update.