Polaris Financial Technology has soared 12% to Rs 205, extending its past two days rally, after the after the company announced the demerger of its Products (Intellect) business into an independent entity 'Intellect Design Arena Ltd (Intellect).
Post announcements, the stock has zoomed nearly 50% in past three trading sessions from Rs 137 on March 14 against 0.15% fall in S&P BSE Sensex and 2.3% decline in sector index S&P BSE IT. Currently, the stock is trading at its highest level since May 2011.
The product company Intellect will be comprises of four distinct businesses: global universal banking; risk and treasury management; global transaction banking and insurance, the company said in a statement.
As consideration for the demerger every shareholder of Polaris Financial Technology will receive one share of Intellect.
The company said, the new entity is expected to double its business in the next three years from the current around $100 million.
The counter has seen huge trading activity with a combined 6.34 million shares already changed hands till 0945 against an average sub 5 million shares that were traded daily in past two weeks on the BSE and NSE.
Post announcements, the stock has zoomed nearly 50% in past three trading sessions from Rs 137 on March 14 against 0.15% fall in S&P BSE Sensex and 2.3% decline in sector index S&P BSE IT. Currently, the stock is trading at its highest level since May 2011.
The product company Intellect will be comprises of four distinct businesses: global universal banking; risk and treasury management; global transaction banking and insurance, the company said in a statement.
As consideration for the demerger every shareholder of Polaris Financial Technology will receive one share of Intellect.
The company said, the new entity is expected to double its business in the next three years from the current around $100 million.
The counter has seen huge trading activity with a combined 6.34 million shares already changed hands till 0945 against an average sub 5 million shares that were traded daily in past two weeks on the BSE and NSE.
