Ramco Systems soars 15% as promoters hike stake

Promtoers have acquired 2.2% stake of the company through open market purchases, between April 13 and June 22.

Ramco Systems has soared 15% to Rs 156, its highest level since February 2008, on the Bombay Stock Exchange. As many as  44,930 shares have already changed hands on the counter so far, against an average around 12,000 shares that were traded daily in past two weeks.

The mid-cap IT software products maker has outperformed the market by rising 58% since April 2012, compared to a marginal 0.42% fall in the benchmark Sensex on back of accumulation of company’s shares by its promoters.

“Ontime Transport Company Limited (OTCL), along with Shri P R Venketrama Raja, the promoters has acquired 343,040 shares representing 2.19% stake of the company through open market purchases, between April 13 and June 22,” Ramco Systems said in a regulatory filing.

The combined holdings of these entities after the acquisition have increased to 15.25% from 13.15% earlier.

“The shares were purchased on different dates by OTCL, which is deemed to be a Person Acting in Concert with Shri P R Venketrama Raja via open market transaction,” the company added.