Shares in cloud computing service provider Intellect Design Arena rallied for the second straight session on Wednesday after the company informed exchanges that it had won a big deal with Concentra Bank to fuel its digital banking strategy. In the past two trading sessions, Intellect Design Arena rallied as much as 20% to a new 52-week high of Rs 745.80. Shares of Intellect Design Arena rallied a whopping 1,263 percent from the low low 52 weeks of Rs 54.70. (Follow the Intellect Design Arena share price here)
“Concentra Bank has chosen Intellect’s native cloud digital banking platform to fuel its exciting new digital banking strategy. Concentra’s vision is to become the country’s leading digital intermediary bank, providing specialty banking products and services to consumers, businesses and fintechs. and credit unions, ”Intellect Design Arena said in a press release.
“Concentra’s vision is to become the country’s leading digital intermediary bank, providing specialty banking products and services to consumers, businesses, fintechs and credit unions. Since 2018, Concentra Bank has moved beyond its role as the leading wholesale bank in Canada. credit unions to encompass specialized retail and commercial banking services. Concentra’s new banking platform will support its value proposition of delivering a seamless and meaningful digital banking experience to its customers, while delivering broader products and services to credit unions across Canada, ”added Intellect Design.
“In the future, Canadians will do their banking differently,” said Don Coulter, President and CEO of Concentra Bank.
“From the very first interaction, we were excited about the deep synergies in the thinking and approach of Concentra and Intellect,” said Rajesh Saxena, CEO of Intellect Global Consumer & Commercial Banking.
At 12:46 p.m., Intellect Design Arena shares were trading 4.21 percent higher at Rs 725, outperforming Sensex which was down 0.65 percent.