Shares of Intellect Design Arena rallied 20 per cent in intraday trade to hit 52-week high of Rs 626 on Bombay Stock Exchange on Tuesday, in an otherwise lackluster market, on strong volume. The stock of Chennai-headquartered financial technology company has rallied 31 per cent over the last five sessions and 1,322 per cent in one year from its 52-week low of Rs 44, touched on March 25.
On Tuesday, Intellect Design Arena share price opened higher at Rs 527.05 against previous close price of Rs 521.85. During the day's trade, the stock gained as much as 19.95 per cent to hit fresh high of Rs 626. The market cap of this stock surged to Rs 8,228.76 crore. In contrast, the BSE Sensex was trading at 50,409, up 14 points or 0.03 per cent.
On the volume front, there was surge in buying as 4.19 lakh shares changed hands over the counter as compared to two-week average volume of 0.41 lakh shares.
Last week, the company had announced that Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena, was ranked number 1 in the world for Transaction Banking by IBS Intelligence. The Hanoi-headquartered Vietcombank has deployed iGTB's next-generation Digital Transaction Banking Enterprise Suite (DTB), it said.
In a separate development, the company announced the launch of Magic Aadhaar, an Al-powered Aadhaar processing solution to identify, extract, validate and mask Aadhaar details.
During the third quarter ended December 30, 2020, the company secured six deals and strong order book. The company registered 19 per cent YoY growth in total revenue at Rs 382.30, while net profit was at Rs 80.40 crore as against a loss of Rs 11.40 crore in Q3 FY20.
Intellect Design Arena is multi-product fin tech platform for the global leaders in banking, insurance and capital markets. Intellect serves over 240 customers through offices in 91 countries.