Intellect Design Arena shares hit 52-week high on tech deal with Indian Bank  

Shares of Intellect Design Arena Ltd hit their fresh 52-week high in early deals today after the firm said that Indian Bank has chosen Intellect's eMACH.ai powered Cash Management System to bolster their corporate banking modernisation. Intellect Design Arena shares rose 4.42% to a fresh high of Rs 782 against the previous close of Rs 748.45 on BSE. Market cap of the firm rose to Rs 10,618.53 crore. A total of 0.23 lakh shares changed hands amounting to a turnover of Rs 1.79 crore on BSE. Intellect Design stock opened higher at Rs 752.75 on BSE.  

ALSO READ: Multibagger IT stock rose 97% in six months but overbought on charts; what's next? 

n terms of technicals, the relative strength index (RSI) of Intellect Design stock stands at 66.7, signaling it's trading neither in the overbought nor in the oversold zone. Intellect Design stock has a one-year beta of 0.2, indicating very low volatility during the period. The stock is trading higher than the 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

"This strategic partnership adds another feather to Intellect's growing footprint in the Indian BFSI industry, rendering the capabilities of a cognitive enterprise for revolutionising transaction banking," said the firm.

As a part of the project 'INDLEAP', Indian Bank has taken on the objective of digital transformation by leveraging technology wherever possible with transaction banking and supply chain management being the key growth engines.

Intellect Design Arena has the world's largest cloud-native, API-led microservices-based multi-product platform for global leaders in banking, insurance, and capital Markets. It offers a full spectrum of banking and insurance technology products through its three lines of businesses - Intellect Global Consumer Banking (iGCB), Intellect Global Transaction Banking (iGTB), and Intellect AI.

ALSO READ: Varun Beverages shares rebound 94% from 52 week low; Rs 1,200 price target in sight?    
 

ALSO READ: Stocks to watch out for today: Tata Motors, HCL Tech, Max Healthcare, Cipla and more