Ramco Systems freezes at 5% upper circuit on order win from logistics major

Shares of Ramco Systems have been locked within the upper circuit restrict of 5 per cent at Rs 426 on the BSE on Wednesday after the corporate mentioned it has signed up an settlement with a “Global top 5 logistics major” for modernising and reworking its multi-country Payroll operations on the corporate’s world payroll platform.

“The logistics major will be unifying its payroll operations for 15 countries across the Middle East & Africa. With this win, Ramco Global Payroll is now trusted by two of the top 10 third party logistics companies, globally,” the company said in an alternate submitting.

Till 01:40 pm, a mixed round 700,000 fairness shares had modified arms and there have been pending purchase orders for 53,000 shares on the NSE and BSE, the alternate knowledge reveals.

Last month, Ramco Systems had signed up a multi-million greenback settlement with a number one utility and infrastructure Group with diversified companies in Malaysia for delivering Group-wide digital transformation spanning throughout its ports and logistics operations. With this win, Ramco’s enterprise platform will help in managing greater than 50 per cent of all port operations in Malaysia.

The stock of the IT consulting & software program firm was buying and selling at its recent 52-week excessive. In the previous month, it has rallied 69 per cent, as in comparison with a 3.6 per cent decline within the S&P BSE Sensex. While, in three months, the stock has zoomed 288 per cent towards 9 per cent achieve within the benchmark index.

On August 26, HDFC Mutual Fund had acquired 157,337 fairness shares, representing 0.51 per cent of the fairness of Ramco Systems, at a worth of Rs 240 per share on the NSE, bulk deal knowledge reveals. The names of the sellers weren’t ascertained instantly.

In a disclosure to the stock alternate, HDFC Mutual Fund mentioned there was a rise within the shareholding of the Ramco Systems by the Schemes of HDFC Mutual Fund by 2.25 per cent as of August 26, 2020. As of August 26, 2020, the mixture holding of the Schemes of HDFC Mutual Fund within the Company is 8.65 per cent of the paid-up fairness share capital of the corporate, it mentioned.

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