Intellect Design shares rally 27% in just 2 sessions; says this in exchange clarification

Shares of Intellect Design Arena Ltd surged more than 13 per cent during the trading session on Thursday as the IT solutions provider extended its gains for the second straight session amid heavy trading volumes, which led to exchanges seeking clarification from the company.

Shares of Intellect Design Arena surged 13.45 per cent to Rs 1,038.30 on Thursday, commanding a total market capitalisation of more than 14,500 crore. The scrip had settled at Rs 915.25 in the last trading session on Tuesday. The stock has soared about 27 per cent in the last two trading sessions.

Intellect Design Arena said that the exchanges have sought clarification from the company on December 24, 2024, with reference to movement in volume, through an exchange filing on Tuesday, December 24.

"We wish to state that there have been no events or informations or decisions having a bearing on the operations / performance of the company including all price sensitive information that requires disclosure under the listing regulations," said the the Chennai-based IT player in its clarification.

Shares of Intellect Design Arena have surged nearly 45 per cent in the last six months, while the stock has gained 50 per cent from its 52-week low at Rs 693.11 hit on November 29, 2024. It scaled its 52-week high at Rs 1,198.80 in March 2024 and it currently 14 per cent below these levels.

The trading window for dealing in the securities of the company shall remain closed from January 01, 2025 till 48 hours after the declaration of unaudited financial results for the quarter ending December 31, 2024, said the company in an separate exchange filing with the bourses on Thursday.

Incorporated in 2011, Intellect Design Arena works globally in the fields of Financial Technology for Banking, Insurance and other Financial Services. Ot has a comprehensive portfolio of products across global consumer banking, central banking, risk & treasury management, global transaction banking and insurance and is also engaged in the business of software development.