Shares of Intellect Design Arena reach a 52-week high as it receives an order from Indian Bank

11 Dec 2023 , 01:44 PM

Following the announcement on Monday that the financial technology platform Intellect Design Arena Ltd had secured an order from public sector lender Indian Bank, the company’s shares surged over 4% to reach a new 52-week high.

Indian Bank chose Intellect Design’s eMACH.ai-powered cash management system to bolster its corporate banking modernization, the company said in a stock exchange filing.

The company stated that the relationship will help Intellect Design Arena expand its presence in the Indian BFSI industry, without providing any financial details of the deal.

It said that Indian Bank, which has 5,798 domestic branches and a network of 4,900 abms, has embraced the goal of digital transformation by utilizing technology.

One of the signature agreements in Europe, according to Arun Jain of Intellect Design Arena, is the eMACH.ai custody edge platform order, as reported by CNBC-TV18. He went on to say that the total contract value in Europe over a ten-year period might reach up to Rs 1,000 crore.

Omni-channel access over desktop, mobile, host-to-host, and API platforms will be offered by Intellect Design. Additionally, it would enable wide coverage of payments across physical and electronic channels, contextual use cases for bank and corporate personas spanning mandate, cashflow forecasting, and reconciliation, and a treasury persona aligned dashboard to promote contextual banking experience.

A comprehensive bill collections platform will support anchor billers’ channel-agnostic bill orchestration, collections, and settlement. Its product suite will also aid in the coverage of multi-modal collections offerings for Indian Corporates (mandate based collections, electronic variants cash/cheque collections, doorstep banking, cash delivery).

In morning trading on the BSE, Intellect Design shares shot up over 5%, reaching a fresh 52-week high of Rs 790. Since hitting its 52-week low of Rs 388 on March 16, 2023, the stock has increased by 101%.

The largest cloud-native, microservices-based, API-led platform for many products in the banking, wealth management, insurance, and capital markets sectors is offered by Intellect Design Arena Ltd. to worldwide leaders in these industries.

At 12:01 PM, the stock was up 3.87% on the BSE, trading at Rs 777.45 per share.

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