Ramco Systems bags multi-million dollar deal; stock zooms 10%

The company said it has now added three Fortune 500 brands as clients for Ramco Global Payroll, in Q3 2020

Shares of Ramco Systems rallied 10 per cent to scale fresh 52-week high of Rs 620.55 on the BSE on Wednesday after the company said it has signed a multi-million-dollar agreement with "a Global Fortune 500 major'.

"We are pleased to intimate you that Ramco Systems has signed a multi-million-dollar agreement with a Global Fortune 500 major to unify and transform its Payroll for 18 countries in Asia Pacific region on Ramco’s Managed Payroll Services. With this win, we have added three Fortune 500 brands as clients for Ramco Global Payroll, in Q3 2020," the company said in a filing to exchanges.

Complete with chatbots, voice, and AI/ML, Ramco HR and Global Payroll addresses operational HR modules including Core HR, Time & Attendance & Global Payroll with statutory compliance across 50+ countries. 

On December 14, the company had informed the exchanges about multi-million dollar agreements with multiple companies based in Europe, Asia, and America.

"Ramco Aviation, Aerospace & Defense signed an agreement with a leading European MRO (Maintenance, Repair & Overhaul) for delivering full suite Ramco Aviation Software to digitally transform their MRO business, consisting of line maintenance, heavy maintenance, engine shops, component shops and supply chain. Ramco ERP, meanwhile, signed an agreement with Agrifields DMCC, one of the largest companies in the trading of fertilizers and other agricultural inputs in the middle east, for implementing Ramco ERP Suite including modules for inventory, procurement, production, maintenance, along with real-time integration to plant operations via RTI (Real-Time Integrator) for its operations in Philippines," the company had said.

Ramco HR & Global Payroll, too, signed two agreements, one each in Asia and America. The company's business unit signed an agreement with a global multinational that has an existing Ramco Managed Payroll client across 12 countries, to extend the coverage to additional 5,000-plus employees in Japan. While another agreement with a multinational in the energy sector will consolidate its payroll operations across 20+ countries in Asia, the Middle East and South Africa on Ramco's Next-generation Managed Payroll Services platform," it said.

At 2:42 pm, the stock was up 8.75 per cent at Rs 613.50, as against a 0.74 per cent gain in the benchmark index. A combined 4.6 lakh equity shares changed hands on the counter on the NSE and BSE till the time of writing of this report.