Intellect Design Arena share price surged nearly 9 per cent in opening trade to hit fresh 52-week high on Bombay Stock Exchange on Monday, in an otherwise weak broader market. In contrast, the BSE Sensex was trading at 49,514, down 323 points or 0.65 per cent.
The stock of financial technology company has risen 31 per cent so far in March 2021, and 1,567 per cent over 12 months period from its 52-week low of Rs 44, touched on March 25, 2020, on strong outlook and healthy financial performance.
On Monday, Intellect Design Arena shares opened higher at Rs 694.20 against previous close price of Rs 674. In the early hours of trade so far, the stock rallied 8.8 per cent to hit fresh high of Rs 733.50. The market cap of this stock surged to Rs 8,928.39 crore. At 10:50 AM, the stock was trading at Rs 674.80, up 0.12 per cent, paring early morning gains.
On the volume front, as much as 1.01 lakh shares changed hands over the counter so far as compared to two-week average volume of 1.36 lakh scrips on BSE.
On March 18, the BSE had sought clarification from the company with reference to significant movement in share price, in order to ensure that investors have latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded.
Responding to BSE query, the company said that it had regularly placed in the public domain and had been updating any such decision or events as and when it comes.
During December quarter of 2020, Intellect Design Arena bagged 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.
The company, a global leader in banking, insurance and capital markets, had recently 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.