IT stock surges 5% after company signed a contract with AFC Commercial Bank

This small cap stock gained 5% after AFC commercial Bank signed a deal with the company’s commercial banking arm. The stock saw a good momentum in the market today. 

Share price of Intellect Design Arena opened at Rs. 675 levels and jumped 5% to reach its intra- day high of Rs. 705 levels. In the last six months, the stock returned 66.41% and 211.34% in the last three years.

On 14 Sep 2023, the company announced signing a contract between its commercial banking arm, Intellect Global Consumer Banking and AFC Commercial Bank. AFC has chosen iGCB’s core banking offering Intellect Digital Core to modernise the bank’s operations and transform them to provide a seamless and personalised banking experience to its customers.

It has a market capitalization of Rs. 9160.48 crore. As per the company’s financial statements, it made a revenue of Rs. 639.38 crore in Q1FY24 which is an increase of 3.8% from Rs. 615.5 crore in Q4FY23. Its net profit stands at Rs. 93.47 crore in Q1FY24, an increase of 3.09% from Rs. 90.66 crore in Q4FY23.

Intellect Design Arena Limited is an IT solutions provider which acts as a platform for leaders and professionals in capital markets, insurance and banking. The company offers service in its three lines of business which includes Intellect Digital Core, Intellect Global Consumer Banking, Intellect AI. It provides multiple kinds of technology products related to banking and insurance.

Written by Bhumika Khandelwal