Ramco Systems zooms 91% in 5 days after investor Vijay Kedia picks 1% stake

The stock was locked in the 10 per cent upper circuit band for the fifth straight day, at Rs 146.70 on the National Stock Exchange (NSE).

Shares of Ramco Systems were locked in the 10 per cent upper circuit band for the fifth straight day, at Rs 146.70 on the National Stock Exchange (NSE) on Tuesday. The stock has surged over 90 per cent in the past one week after investor Vijay Kedia acquired a stake in the company via open market last week.

The stock of the IT consulting & software company has zoomed 91 per cent in the past five trading days from a level of Rs 76.65 on touched June 9, 2020.

On June 10, 2020, ace investor Vijay Kishanlal Kedia purchased 339,843 shares, representing 1.1 per cent of the total equity of Ramco Systems, for about Rs 3 crore. He bought these shares at an average price of Rs 87.82 per share through a block deal on the NSE, the exchange data shows.

The name of sellers was not ascertained immediately.

Vijay Kedia had nil holding in the company till the end of December quarter, shareholding pattern data shows.

Till 09:58 am, around 964,000 equity shares have changed hands and there were pending buy orders for 1,000 shares on the BSE and NSE.

On significant movement in the price of security across stock exchanges, Ramco Systems has clarified that “at present there are no events, information or any other price sensitive information that may have a bearing on the operation / performance of the Company which are to be disclosed to the stock exchanges”. READ HERE

Meanwhile, the board of directors of the company is scheduled to meet on Friday, June 19, 2020, to consider the audited financial results for the quarter and year ended March 31, 2020.