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Ramco Systems hits 52-week high after winning order

Capital Market 

Ramco Systems hit an upper circuit of 5% at Rs 426 after the company signed an agreement with a Global Top 5 logistics major.

The agreement is for modernizing and transforming the logistics major's multi-country Payroll operations on Ramco's Global Payroll platform. The logistics major will be unifying its payroll operations for 15 countries across 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 a BSE filing made during market hours today.

The scrip was currently frozen at its 52-week high of Rs 426, while extending gains for fourth consecutive session. The stock has added 21.38% in four sessions from its recent closing low of Rs 350.95 on 24 September 2020.

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.

Shares of Ramco Systems have zoomed 493.31% in the past six months while the benchmark S&P BSE Sensex rose 33.90% during the same period.

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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: Wed, September 30 2020. 12:39 IST