Polaris Financial Technology inches up after winning an order

Polaris Financial Technology rose 0.7% to Rs 207.50 at 14:20 IST on BSE after the company said that Sweden's central bank has chosen to implement Polaris' Intellect Quantum Collateral Management System.

The announcement was made during market hours today, 5 June 2014.

Meanwhile, the S&P BSE Sensex was up 194.95 points or 0.79% at 25,000.78.

On BSE, so far 1.59 lakh shares were traded in the counter as against average daily volume of 4.49 lakh shares in the past two weeks.

The stock hit a high of Rs 211.05 and a low of Rs 205.55 so far during the day.

Polaris Financial Technology (Polaris) said that Swedens' central bank, Sveriges Riksbank, the oldest central bank in the world, has chosen to implement Polaris' Intellect Quantum Collateral Management System (QCMS).

The Collateral Management System is part of Polaris' Intellect Quantum Banking suite of Central Bank Solutions - the world's first integrated money and securities solution for Central banks. The Collateral Management System will support Riksbank's services for Swedish payments system, open market operations, bank credit operations and agency central bank arrangements, Polaris said in a statement.

Commenting on the win, Jaideep Billa, CEO, Global Universal Banking, Polaris Financial Technology said, "Polaris is privileged to partner with Riksbank, the worlds' oldest and leading central bank, to offer Intellect Quantum Collateral Management System. Polaris has successfully implemented central bank technology modernization across Asia and Africa. We are delighted that Riksbank, Sweden has chose us for automating their Colleteral Management System. The fact that Polaris was chosen after a most rigorous selection process validates the investment we have made in central bank solutions".

On consolidated basis, Polaris Financial Technology's net profit declined 10.52% to Rs 45.42 crore on 0.83% growth in net sales to Rs 619.39 crore in Q4 March 2014 over Q3 December 2013.

Polaris Financial Technology is a global leader in financial technology for banking, insurance and other financial services.

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