Intellect Design Arena spurts after winning multi-million deal

Intellect Design Arena rose 5.46% to Rs 179.70 at 14:44 IST on BSE after the company announced winning a large multi-million deal from Emirates NBD, a leading bank in the Middle East.

The announcement was made during trading hours today, 26 February 2019.

Meanwhile, the S&P BSE Sensex was down 69.78 points, or 0.19% to 36,143.60.

On the BSE, 1.08 lakh shares were traded in the counter so far compared with average daily volumes of 40,000 shares in the past two weeks. The stock had hit a high of Rs 181.70 and a low of Rs 166.90 so far during the day. The stock hit a 52-week high of Rs 283.20 on 14 September 2018. The stock hit a 52-week low of Rs 151.10 on 18 February 2019.

Emirates NBD has selected Intellect Design Arena for end-to-end digital transformation of its transaction banking business. The planned project is aimed at strengthening Emirates NBD transaction banking's market leadership and will cover the bank's operations across trade corridors in the UAE, KSA, Egypt, India, Singapore and the United Kingdom.

On a consolidated basis, net profit of Intellect Design Arena rose 10.03% to Rs 13.38 crore on 38.44% rise in net sales to Rs 374.72 crore in Q3 December 2018 over Q3 December 2017.

Intellect Design Arena is a financial tech company that covers the entire spectrum of banking and insurance needs with its wide suite of products.

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