Polaris Fin Tech shares surge 20% on spin-off plans

Shares of Polaris Financial Technology today zoomed 20 per cent, adding to yesterday's 15 per cent gain, after the company said it will demerge its products business into a separate entity, a move aimed at driving the next phase of growth for the Chennai-based firm.
The IT firm's scrip ended the day 19.99 per cent higher at Rs 183.35 -- its upper circuit limit at the BSE.
On the NSE, the stock surged 20 per cent to touch its upper trading limit at Rs 183.90.
In the previous session, the stock had rallied 15 per cent.
After demerger and regulatory approvals, the product entity will be called 'Intellect Design Arena Ltd', Polaris had said in a statement yesterday.

It will comprise of four businesses -- Global Universal Banking, Risk and Treasury Management, Global Transaction Banking and Insurance, it said.
"Polaris Financial Technology Ltd will continue to run the services business with a strong vertical and solution focus," it said.