Shares of Intellect Design Arena were surging on Monday morning going up over 4% to hit a 52-week high of ₹782.80.
What Happened: Intellect Design Arena on Monday announced partnering with Indian Bank for a major project. As part of its Corporate Banking Modernisation initiative, the bank will be implementing Intellect’s eMACH.ai-powered cash management system.
This initiative is an endeavour by the public sector bank to capitalise on operational efficiencies and elevate the customer experience. Through its ‘INDLEAP’ project, the bank has set a visionary goal for digital transformation, identifying transaction banking and supply chain management as primary growth drivers.
“We take pride in being the technology partner of choice for Indian Bank, one of the top PSU banks in India. This partnership is a testament to our pioneering technology powered by eMACH.ai to transform and position Indian bank at the helm of innovation in this era of Digital Enterprise,” stated Ramanan S V, CEO, India and South Asia, Intellect Design Arena Limited.
As per the press release, Intellect’s cash management system presents a comprehensive range of products and services to process bank receivables and payables effectively. The system offers diverse channels for corporates to access and initiate services, with options including a web-based application, mobile, SFTP & APIs. It is highly configurable to meet the unique accounting and reporting needs of corporates, providing end-to-end automation and integration with commonly used ERP and accounting systems.
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Price Action: Intellect Design Arena’s share price was up 3.93% to trade at ₹777.95 in early trade on Monday. Mukul Agrawal owns a 1.68% stake in the company.
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