Up 1,262% in a year, this IT stock has now scaled fresh record high

Intellect Design Arena today announced that it has bagged a large deal from Concentra Bank to power its exciting new digital banking strategy.

Shares of Intellect Design Arena surged 7 per cent to hit a new high of Rs 745 on the BSE in intra-day trade on Wednesday after the company announced that it has bagged a large deal from Concentra Bank to power its new digital banking strategy. In past one year, the stock zoomed 1,262 per cent from the level of Rs 54.70, as compared to a 68 per cent rally in the S&P BSE Sensex.

Concentra Bank has selected Intellect’s cloud-native, digital banking platform to power its exciting new digital banking strategy. Concentra’s vision is to become the leading mid-market digital bank in the country, providing specialized banking products and services to consumers, businesses, fintech and credit unions, the company said in a media release.

Intellect Design Arena has the world’s largest cloud-native, API-led, a microservices-based multi-product Fintech platform for the global leaders in banking, insurance and capital markets. It offers a full spectrum of banking and insurance technology products through its four lines of businesses: global consumer banking, global transaction banking (iGTB), risk, treasury and markets, and insurance.

In one month, it soared 72 per cent after, Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena, on March 10 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).

That apart, in a 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 the October-December quarter (Q3FY21), Intellect Design Arena registered healthy revenues. The company also won six large deals in the quarter indicating 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 crore) and a digital-ready product portfolio that provides confidence in an improved revenue trajectory in coming years. Healthy traction in IGCB (Intellect Global Consumer Banking) and iSEEC is expected to drive revenues going forward.