Intellect Design up 7 per cent, strikes deal with American bank

The shares of Intellect Design Arena, a leading B2B fintech company, jumped by nearly 7 per cent on winning a large deal in North America. This is the highest ever deal won by the company.

The company has informed that it has bagged this deal from a top 20 bank in North America for Digital Transformation program in payments.

During the recent quarter Q3FY19, the company has registered 42 per cent YoY growth in its revenue. Net profit also registered a rise of 10 per cent on YoY basis. The order book as on Q3FY19 stood at Rs. 1,108 crore (License-based) and Rs. 280 crore (Subscription/Cloud-based).

Intellect Design Arena is the world’s first full-spectrum Banking and Insurance technology products company, across Global Consumer Banking (iGCB), Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets (iRTM) and Insurance (Intellect SEEC).

On Monday, the stock of Intellect Design Arena opened at Rs. 204.90 per share and made an intraday high of Rs. 218 on the BSE. The stock had hit its 52-week high of Rs. 283.20 on September 14, 2018 and its 52-week low of Rs. 151.10 on February 18, 2019 on the BSE.