Intellect Design zooms 20% on multi-million dollar deal with an Asian bank

The stock locked in upper circuit of 20% at Rs 244, also its 52-week high on the BSE on back of heavy volumes.

Shares of Intellect Design Arena is locked in the upper circuit of 20% at Rs 244 per share, also their 52-week high on the BSE, after the IT company announced a multi-million dollar deal with a leading bank in Asia with a strong foothold in Singapore, Malaysia, Indonesia, Thailand and China.

“The company has signed a significant multi-million dollar deal with leading bank in Asia market with a strong foothold in Singapore, Malaysia, Indonesia, Thailand and China to implement world's first Integrated Trade Finance and Supply Chain Finance (SCF) Platform,” Intellect Design Arena said in a press release.

This partnership will help the bank to deliver on their commitment of building lasting relationship with their customers through products and exceptional digital customer experience, it added.

Intellect Design Arena is a specialist in applying true digital technologies and a global leader in financial technology across banking and insurance.

The trading volumes on the counter jumped more than nine-fold with a combined 4.34 million equity shares changed hands on the NSE and BSE till 02:31 pm. There were pending buy orders for 168,848 shares on both the exchanges.