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HUDCO selects Intellect as their partner to provide an Integrated Digital Solution for lending and ERP

Posted On: 2019-02-21 13:08:30

Intellect Design Arena Ltd, a specialist in applying true Digital Technologies and a global leader in Financial Technology across Banking and Insurance, announced today that Housing and Urban Development Corporation Ltd (HUDCO) has selected Intellect Design Arena as their partner for implementation and support of an integrated lending and ERP solution. This includes Digital Lending (Loan Origination, Loan Management, Debt Management), Treasury, General Ledger and Integrated Accounting, Procurement Management and HRMS among other solutions, to centralize their operations and drive a high degree of efficiency across loan IifecycJe and ERP function.

HUDCO is a wholly owned government company under the Ministry of Housing and Urban Affairs (MoHUA) mandated to finance urban housing as well as urban infrastructure projects. In its operations, HUDCO lays a considerable emphasis on housing for Economically Weaker Sections and Low Income Groups as the Central Nodal Agency for Credit Linked Subsidy Scheme (CLSS) under "Pradhan Mantri Awas Yojana - Housing for All", a national mission envisioned by our Hon'ble Prime Minister.

The contract signing ceremony held at HUDCO premises in New Delhi was graced by the leadership teamsfrom both HUDCO and Intellect.

Speaking on this partnership, Mr. M Ravi Kanth, CMD, HUDCO said, "We take pride in being a key partner with the Government in building assets for the Nation and this partnership gives momentum to the Digital India initiative as we aspire to promote technology and Digital India in our operations. Looking ahead for a more agile and flexible operations we chose Intellect for their nextgen technology to implement an integrated large scale ERP solution that will give a greater visibility for the management across various segments of our businesses".

Mr. K Srinivasan, President. APAC. South Asia, Middle East & Africa, Intellect Design Arena Ltd said: "We take pride to have been chosen as the strategic partner for HUDCO. a premier national level techno-financial organization, a Government-owned corporation of India with an ambitious growth plan of building assets for the Nation. We believe Intellect will play a significant role in driving HUDCO's digital transformation agenda contributing to the Digital India vision."

Shares of Housing and Urban Development Corporation Ltd was last trading in BSE at Rs.38.45 as compared to the previous close of Rs. 38.25. The total number of shares traded during the day was 100102 in over 509 trades.

The stock hit an intraday high of Rs. 38.8 and intraday low of 38.15. The net turnover during the day was Rs. 3853892.

Shares of Intellect Design Arena Ltd was last trading in BSE at Rs.164.2 as compared to the previous close of Rs. 152.95. The total number of shares traded during the day was 44377 in over 918 trades.

The stock hit an intraday high of Rs. 165.25 and intraday low of 154.2. The net turnover during the day was Rs. 7070400.

Source: Equity Bulls

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