Stock Market Today: Shares of Intellect Design Arena surged 13 per cent on Monday, December 23, driven by broader market gains and investor enthusiasm over its newly-launched Enterprise AI platform, Purple Fabric. The company shared a detailed presentation on December 19, unveiling Purple Fabric, an AI-driven solution specifically designed for the financial and insurance sectors.
The platform employs a 'Multi-Agent' AI system to transform enterprise operations, including claims settlement processes. Intellect Design highlighted Purple Fabric's ability to manage the increasing volume of data generated by financial services products, enabling improved customer service through a simplified operational structure.
Purple Fabric is built on 'Thinking Brain' tools powered by Large Language Models (LLMs). These tools enhance data integration and classification, ensuring seamless customer experiences without requiring extensive technical expertise. Intellect Design claimed that the platform also supports AI-based document management and allows product managers to design and implement AI-driven use cases across various financial applications.
As part of its monetisation plan, Purple Fabric offers tools that cater to small and medium-sized enterprises (SMEs), enabling them to build and deploy AI solutions. This strategy aims to expand Intellect Design's customer base and establish the platform as a significant revenue driver in the coming years.
Following this development, the stock rose as much as 13 per cent to its intra-day high of ₹925.55. Post today's rally, the stock is now around 23 per cent away from its 52-week high of ₹1,198.80, hit in March 2024. Meanwhile, it has advanced over 33 per cent from its 52-week low of ₹693.05, recorded in November 2024.
The scrip has gained around 11 per cent in 2024 YTD, rising for just five of the 12 months. Just in December till date, it has risen over 28 per cent after three consecutive months of losses. It fell almost 3 per cent in November, 23.5 per cent in October and over 3 per cent in September.
Intellect Design Arena specialises in providing software solutions for banking, insurance, and other financial services sectors both in India and internationally. Its product suite includes:
iGTB: A transaction banking solution offering digital transaction banking, contextual banking experiences, corporate treasury exchange, payment solutions, and virtual accounts.
iGCB: A comprehensive banking suite for retail and corporate banking, covering core banking, lending, cards, wealth management, and central banking.
Despite the excitement around Purple Fabric, Intellect Design Arena's recent financial performance has been underwhelming. The company's net profit declined by 25.03 per cent to ₹52.81 crore in the quarter ended September 2024, compared to ₹70.44 crore in the same quarter of the previous year. Sales also fell by 9.84 per cent, amounting to ₹558.13 crore, down from ₹619.05 crore in the corresponding period.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.