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

Shares of Ramco Systems were locked in the upper circuit limit of 5 per cent at Rs 426 on the BSE on Wednesday after the company said it has signed up an agreement with a "Global top 5 logistics major" for modernising and transforming its multi-country Payroll operations on the company’s global 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 exchange filing. 

Till 01:40 pm, a combined around 700,000 equity shares had changed hands and there were pending buy orders for 53,000 shares on the NSE and BSE, the exchange data shows.

Last month, Ramco Systems had signed up a multi-million dollar agreement with a leading utility and infrastructure Group with diversified businesses in Malaysia for delivering Group-wide digital transformation spanning across its ports and logistics operations. With this win, Ramco’s enterprise platform will support in managing more than 50 per cent of all port operations in Malaysia.

The stock of the IT consulting & software company was trading at its fresh 52-week high. In the past month, it has rallied 69 per cent, as compared to a 3.6 per cent decline in the S&P BSE Sensex. While, in three months, the stock has zoomed 288 per cent against 9 per cent gain in the benchmark index.

On August 26, HDFC Mutual Fund had acquired 157,337 equity shares, representing 0.51 per cent of the equity of Ramco Systems, at a price of Rs 240 per share on the NSE, bulk deal data shows. The names of the sellers were not ascertained immediately.

In a disclosure to the stock exchange, HDFC Mutual Fund said there has been an increase in 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 aggregate holding of the Schemes of HDFC Mutual Fund in the Company is 8.65 per cent of the paid-up equity share capital of the company, it said.