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Intellect Design Arena jumps after order win

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Intellect Design Arena rose 3.32% to Rs 52.90 after the company said it won a large deal from Middle East's second-largest financial institution.

iGTB, the world's first complete global transaction banking platform from the house of Intellect Design Arena, on Friday (20 March 2020) announced that Middle East's second-largest bank has expanded its relationship with iGTB to enhance the bank's liquidity management capabilities.

The liquidity management solution from iGTB empowers corporate treasurers with pooling, sweeping, intercompany loans and virtual accounts, as well as policy-driven automated investment sweeps, cash flow forecasting and real-time funds checking. The system delivers sophisticated automation and comprehensive analysis for more informed decision within corporate treasury departments. iGTB is the market leader in corporate liquidity management and partners banks worldwide. Its applications for transaction banking sport a world-class comprehensive digital, self-service, front-end that delivers a faster, simpler and seamless experience to help banks gain and retain corporate clients.

"We are delighted to extend our partnership with second-largest bank in the Middle East, and this significant expansion in liquidity management capabilities underlines our market leadership in the Middle East, with iGTB being the preferred go-to partner for transaction banks. The deal win reinforce show much the world's best corporate banks, bank on iGTB," said Manish Maakan, CEO, iGTB. He further added, "The implementation of the latest enhancements to the bank's liquidity management capabilities will boost the bank's product innovation and allow for operational excellence, enabling it to prepare for future growth and expansion."

Shares of Intellect Design Arena hit an all-time record low at Rs 48.65 during the intraday trade. The stock slumped 53.76% in the past nine trading sessions to settle at Rs 51.20 yesterday, 19 March 2020, from its close of Rs 110.75 on Thursday, 5 March 2020.

Intellect Design Arena reported a consolidated net loss of Rs 11.38 crore in Q3 December 2019 as against a net profit of Rs 13.38 crore in Q3 December 2018. Net sales declined 14.7% to Rs 319.49 crore in Q3 December 2019 over Q3 December 2018.

Intellect Design Arena is the world's first full spectrum banking and insurance technology products company, across global consumer banking, global transaction banking (iGTB), risk, treasury and markets and insurance.

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First Published: Fri, March 20 2020. 13:20 IST