Ramco Systems share price hit upper circuit of 20% in trade today after Mumbai-based investor and trader Vijay Kedia bought 1.1 percent equity stake in the software and services company. Kedia purchased 3,39,843 equity shares of the company at Rs 87.82 per share, according to bulk deals data available on the National Stock Exchange.
Share price of Ramco Systems opened with a gain of 13.6% at Rs 104.40 against previous close of Rs 91.90 on BSE. The stock hit upper circuit of 19.97% at Rs 110.25. Ramco Systems stock has gained 43.93% in two days. Theere were only buyers , no sellers for the stock in early trade.
The microcap share trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.
The stock has lost 35% since the beginning of this year and fallen 52.05% during last one year. In one month, Ramco Systems stock has gained 47%.
Meanwhile, equity market indices Sensex and Nifty opened marginally lower on Thursday, and later fell almost 1% each by the afternoon session, tracking weak global cues. Markets overseas were trading lower today, after the US Federal Reserve after its two-day meet flagged the need to keep the key interest rate near zero through at least 2022. Fed officials also estimated the US economy to shrink by 6.5% in 2020 and the unemployment rate to be at 9.3% at year's end.
By Aseem Thapliyal