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

 

Shares of Ramco Methods have been locked within the higher circuit restrict of 5 per cent at Rs 426 on the BSE on Wednesday after the corporate stated it has signed up an settlement with a “World prime 5 logistics main” for modernising and reworking its multi-country Payroll operations on the corporate’s international payroll platform.

“The logistics main will probably be unifying its payroll operations for 15 international locations throughout the Center East & Africa. With this win, Ramco World Payroll is now trusted by two of the highest 10 third celebration logistics corporations, globally,” the corporate stated in an trade submitting.

Until 01:40 pm, a mixed round 700,000 fairness shares had modified palms and there have been pending purchase orders for 53,000 shares on the NSE and BSE, the trade information exhibits.

Final month, Ramco Methods 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 inventory of the IT consulting & software program firm was buying and selling at its recent 52-week excessive. Up to now month, it has rallied 69 per cent, as in comparison with a 3.6 per cent decline within the S&P BSE Sensex. Whereas, in three months, the inventory has zoomed 288 per cent in opposition to 9 per cent acquire 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 Methods, at a worth of Rs 240 per share on the NSE, bulk deal information exhibits. The names of the sellers weren’t ascertained instantly.

In a disclosure to the inventory trade, HDFC Mutual Fund stated there was a rise within the shareholding of the Ramco Methods by the Schemes of HDFC Mutual Fund by 2.25 per cent as of August 26, 2020. As of August 26, 2020, the combination holding of the Schemes of HDFC Mutual Fund within the Firm is 8.65 per cent of the paid-up fairness share capital of the corporate, it stated.

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