Banking and insurance software provider Polaris Software Lab Ltd said on Friday it has received a $55 million contract to implement its banking product across India’s central bank, sending the company’s shares over 3 percent up.
The Reserve Bank of India’s contract the single largest deal ever done by Polaris, said the Chennai-based company.
Polaris will implement its product, Intellect Core Banking System, to help integrate and automate banking operations in all the regional offices of the central bank.
At 12.03 p.m., shares of the firm, which the market values at $401.78 million, were up 2.35 percent at 187.05 rupees in a firm Mumbai market.
Source:http://economictimes.indiatimes.com/markets/stocks/stocks-in-news/polaris-software-stock-rises-on-55-mn-deal-from-rbi/articleshow/8601324.cms
