Intellect Design Arena rallies 5% on securing new banking contract

Shares of Intellect Design Arena rallied nearly 5 per cent to a high of Rs 704.50 on the BSE after AFC Commercial Bank signed a deal with the company to modernise its banking operations.

At 02:40 PM, the stock was up 2.4 per cent at Rs 687 on Thursday. The counter saw trades of around 16,000 shares as against the two-week average volume of around 34,000 shares. Meanwhile, the S&P BSE Sensex was flat around 67,467.

According to a release issued by Intellect Design Arena, AFC Commercial Bank has chosen, the company’s consumer banking arm – Intellect Global Consumer Banking offering Intellect Digital Core (IDC) to modernise its banking operations.