India's Intellect Design hits 1-month low on exiting GeM business

Intellect Design Arena

07/07/2023 08:57

** Shares of fintech co Intellect Design Arena  INEE.NS 
fall as much as 7.8% to 575 rupees, lowest since June 9
    ** Co said on Thursday Government eMarketplace (GeM)
platform informed co to exit GeM business
    ** Co says its competitor quoted nearly 48% lower than
indicative pricing by the government, which is 16% lower than
pricing offered by INEE
    ** Adds that revenue from GeM engagement for year ended
March 31 was 2.54 bln rupees with margin of 111.7 mln rupees,
including downward revision of INEE's transaction fees
    ** Over 4 mln shares change hands as of 1:16 p.m. IST, 6.9X
the 30-day moving average
    ** Stock up 39.7% YTD as of last close

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))