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Ramco Systems climbs 33% in six days

Capital Market 

Ramco Systems hit an upper circuit of 5% at Rs 378.05, extending gains for sixth day in a row.

The stock has added 33.18% in six sessions from its recent closing low of Rs 283.85 on 10 September 2020.

On the technical front, the stock's RSI (relative strength index) stood 88.379. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is currently trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 318.58, 292.64 and 249.69, respectively.

The company on Thursday (17 September) said it won an order from European dairy company, Arla, for modernizing and transforming its multi-country payroll operation.

Arla Foods is World's largest producer of organic dairy products and global top 10 dairy company. It will implement Ramco Global Payroll & HR software to streamline multi-country payroll and time & attendance operations across 5 Middle East countries on a single platform.

Ramco Systems is an enterprise software, offering cloud and mobile-based enterprise software in the area of HCM and Global Payroll, ERP and M&E MRO for Aviation.

The IT firm's consolidated net profit surged 380.7% to Rs 14.18 crore on a 4% increase in net sales to Rs 145.25 crore in Q1 June 2020 over Q1 June 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, September 18 2020. 13:32 IST