Shares of cloud computing services provider Intellect Design Arena rallied for second straight session in a row on Wednesday after the company informed exchanges that it won a large deal from Concentra Bank to power its digital banking strategy. In the last two trading sessions, Intellect Design Arena have rallied as much as 20 per cent to hit fresh 52-week high of Rs 745.80. Intellect Design Arena shares have rallied a whopping 1,263 per cent from low 52-week low of Rs 54.70. (Track Intellect Design Arena share price here)
“Concentra Bank has selected Intellect’s cloud-native, digital banking platform to power its exciting new digital banking strategy. Concentra’s vision is to become the leading mid-market digital bank in the country, providing specialized banking products and services to consumers, businesses, fintechs and credit unions,” Intellect Design Arena said in a press release.
“Concentra’s vision is to become the leading mid-market digital bank in the country, providing specialised banking products and services to consumers, businesses, fintechs and credit unions. Since 2018 Concentra Bank has been expanding beyond its role as the leading wholesale bank for Canadian credit unions to encompass specialised retail and commercial banking. Concentra’s new banking platform will underpin its value proposition of being a seamless, helpful digital banking experience for its customers, while offering broader products and services for Canada’s credit unions,” Intellect Design added.
“In the future, Canadians will bank in a different way,” said Don Coulter, President & CEO of Concentra Bank.
”Right from the very first interaction, we were enthused with the deep synergies in the thinking and approach of Concentra and Intellect,” said Rajesh Saxena, CEO, Intellect Global Consumer & Commercial Banking.
As of 12:46 pm, Intellect Design Arena shares traded 4.21 per cent higher at Rs 725, outperforming the Sensex which was down 0.65 per cent.