Intellect Design Arena jumps after deal with Myanma Foreign Trade Bank

Intellect Design Arena rose 3.63% to Rs 212.60 after the company announced that it will steward the digital transformation of Myanmar's state-owned Myanma Foreign Trade Bank (MFTB).

Intellect will power MFTB's digital aspirations with Intellect Digital Core (IDC) 19.2 a fully integrated solution to provide a truly Omnichannel experience. The solution is past-compatible, which means it will integrate with MFTB's existing system seamlessly. It is also future-proof giving MFTB the ability to respond with agility to new market demands and scale progressively.

MFTB provides international banking services for the state as well as the co-operative, joint venture and private sectors.

Intellect Design Arena reported a consolidated net profit of Rs 42.61 crore in Q1 June 2020 as against a net loss of Rs 1.88 crore in Q1 June 2019. Net sales during the quarter rose 0.9% YoY to Rs 345.89 crore.

Intellect Design Arena is a financial tech company that covers the entire spectrum of banking and insurance needs with its wide suite of products. It does so via its four lines of business, namely, global consumer banking, iGTB (global transaction banking), risk, treasury and markets and insurance software.

Currently, the stock is trading 4.83% below its 52-week high of Rs 223.40 hit on 18 September 2020. The scrip has soared 383.18% from its 52-week low of Rs 44 hit on 25 March 2020.

Powered by Capital Market - Live News