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Ramco Systems jumps on bagging contract from China Aircraft Services

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Ramco Systems was up 4.83% to Rs 142.05 after the company said it won a contract from China Aircraft Services to implement its aviation software.

Ramco Systems in an exchange filing during market hours today, 16 December 2019, said that it has signed an agreement with a joint venture company among CNAC(G), UAL, CAL & Gama Aviation, China Aircraft Services for implementing 'Aviation Suite V5.8' for end-to-end base along with maintenance operations.

Through this collaboration, Ramco will provide its integrated Aviation Suite with modules for maintenance & engineering, Maintenance, Repair, Overhaul (MRO) contracts, supply chain, and finance to help China Aircraft Services manage their end-to-end line and base maintenance, ground handling and cabin services.

Earlier this month, the company received an order from one of the largest independent family-owned multinationals in the Middle East. The group will implement Ramco Warehouse Management System, part of Ramco Logistics Software, for its logistics division offering Global Freight Forwarding and end to end Multimodal Supply Chain solutions to effectively manage capacity exceeding 40,000 m2 of storage space, with an open yard storage facility providing storage for petrochemical and having a specialised hazardous chemicals facility in the kingdom of Saudi Arabia.

On the technical front, the stock's RSI (relative strength index) stood at 45.887. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading below its 50-day moving average (DMA) placed at Rs 149.72, as well as below its 200 DMA placed at Rs 195.90. These two levels will acts resistance in near term.

On consolidated basis, Ramco Systems' net profit surged 153.89% to Rs 7.49 crore on 6.88% rise in net sales to Rs 149.28 crore in Q2 September 2019 over Q1 June 2019.

Ramco Systems is engaged in computer programming, consultancy and related activities, and hosting and related activities. The company offers software solutions and services. Ramco Logistics Software caters to logistics-third party logistics (3PL), freight forwarders and network service providers.

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

First Published: Mon, December 16 2019. 14:06 IST