Intellect Design Arena gains on sale of subsidiary

Intellect Design Arena was up 2.62% to Rs 272 at 14:13 IST on the BSE, after the company announced that it had sold its subsidiary SFL Properties.

The announcement was made after market hours yesterday, 13 June 2019.

Meanwhile, the S&P BSE Sensex was down by 203.52 points, or 0.51% to 39,537.84.

On the BSE, 46,000 shares were traded in the counter so far compared with average daily volumes of 44,000 shares in the past two weeks. The stock had hit a high of Rs 277.50 and a low of Rs 265.80 so far during the day. It hit a 52-week high of Rs 283.20 on 14 September 2018 and a 52-week low of Rs 151.10 on 18 February 2019.

 

Intellect Design Arena said that its subsidiary SFL Properties, vide a share purchase agreement dated 13 June 2019, has been divested to a third party for a sale consideration of Rs 20.50 crore at arms length basis.

Intellect Design Arena reported a 66.1% rise in the consolidated net profit to Rs 42.98 crore on a 28.9% rise in the consolidated net sales to Rs 395.62 crore in Q4 March 2019 over Q4 March 2018.

Intellect Design Arena has a comprehensive portfolio of products across Global Consumer Banking, Central Banking, Risk & Treasury Management, Global Transaction Banking and Insurance and is engaged in the business of software development.

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