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Ramco Systems jumps on securing 5-year contract

Capital Market 

Ramco Systems rose 3.12% to Rs 145.65 after the company said its Dubai arm got five-year order in the Middle East for implementing Ramco Logistics ERP.

The order is 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.

The announcement was made during trading hours today, 4 December 2019.

In the past one month, shares of Ramco Systems slipped 12.36% to its current market price of Rs 145.65, underperforming the Nifty IT index's 2.82% fall in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 43.411. 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 154.38, as well as below its 200 DMA placed at Rs 199.01.

Ramco Systems' consolidated 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: Wed, December 04 2019. 15:15 IST
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