Intellect Design Arena shares climb 5% amid market crash; here’s why

Shares of Intellect Design Arena gained over 5% amid a market crash today after the firm said Intellect Global Transaction Banking (iGTB), its transaction banking specialist, has won an extended mandate with National Bank of Kuwait (NBK), a top 10 ranking bank in GCC, to accomplish a full digital transformation by modernising existing channels and providing new digital capabilities in transaction banking. 

The rally in the stock came even as the Sensex tanked 736 pts to 73,508 amid an across the board sell-off in the equity market sparked by the Iran-Israel tensions. Nifty too slipped 234 pts to 22,285, reflecting weak investor sentiment on Dalal Street.

Intellect Design Arena stock rose 5.32% to a fresh high of Rs 1050 against the previous close of Rs 996.95 on BSE. Market cap of the firm climbed to Rs 14,008 crore. A total of 0.66 lakh shares changed hands amounting to a turnover of Rs 6.67 crore on BSE.

Earlier, Intellect Design stock opened lower at Rs 994.90 on BSE.

In terms of technicals, the relative strength index (RSI) of Intellect Design stock stands at 40, 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 lower than the 10 day, 20 day, 30 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages.

With iGTB's Digital Transaction Banking, National Bank of Kuwait is modernising and enhancing its online corporate banking platform by offering streamlined, secure, and user-friendly digital solutions to gain and retain corporate customers and SMEs.

By focusing on next-generation digital banking, NBK can offer its customers the best omnichannel and mobile banking experience across various industries like oil and gas, construction, power and water and transport.

The transformation is a significant leap forward for the bank in terms of scalability and volumes of transactions. It is a key catalyst in accelerating the NBK's growth ambitions in Kuwait and the Middle East, said the firm in a communication to bourses.

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.