R Systems surges 8% after over 10 million shares change hands on BSE

R Systems share price, R Systems block deal today: R Systems International share price surged 8 per cent to Rs 506.50 on the BSE in Friday's trade after over 10 million equity shares of the IT enabled services company changed hands on the exchange.

Till 09:36 AM, as many as 10.04 million equity shares, representing 8.5 per cent of the total equity of R Systems, had changed hands on the BSE, exchange data shows. The names of the buyers and sellers, however, could not be ascertained immediately.

Thus far in calendar year 2024, R System has underperformed the market by falling 9 per cent as compared to a near 14-per cent rally in the BSE Sensex. The stock had hit a 52-week high of Rs 599 on December 18, 2023.

As on June 30, 2024, Bhavook Tripathi, under the non resident Indians (NRIs) category, held 34.3 million shares or 29.03 per cent stake in R Systems, shareholding pattern data shows.

R Systems is a leading digital product engineering company that designs and develops chip-to cloud software products, platforms, and digital experiences that empower its clients to achieve higher revenues and operational efficiency. The company's product mindset and engineering capabilities in Cloud, Data, AI, and CX enable it to serve key players in the high-tech industry, including ISVs, SaaS, and Internet companies, as well as product companies in telecom, media, finance, manufacturing, health and public services verticals.

R Systems said the digital transformation services will continue witnessing an increase in the demand as a result of globalisation, cybersecurity innovations and more. The company's expertise in digital product engineering and technology solutions will help them capitalise on this trend.

The company's recent collaboration with a reputed Indian institution shows its focus towards AI from a strategic point of view. They can also integrate AI and ML into their services to provide more value to their clients. With more businesses adapting to cloud computing, those entities also are in need of management and optimisation of their cloud systems. The company can also provide cloud solutions to specific industries, R Systems had said in its FY24 annual report.