Shares of Ramco Systems surged as much as 8.4 per cent to hit fresh 52-week high of Rs 616 on the Bombay Stock Exchange (BSE) in the intraday trade on Monday after the software and services company secured large multi-million dollar deals. The stock has rallied 860 per cent in the last seven months from its 52-week low of Rs 64.10 touched on May 21, 2020.
Ramco Systems share price opened marginally higher at Rs 570 against the previous closing price of Rs 568.25 and touched 52-week high of Rs 616 in intraday trade. The market cap of the Ramco Group company rose to Rs 1,854.10. Meanwhile, the BSE Sensex was trading 165 points, or 0.36 per cent higher at 46,264.
On the volume front, there was surge in buying as 73 thousand shares changed hands over the counter as compared to two-week average volume of 56 thousand shares.
In a similar trend, Ramco Systems shares were trading 7.63 per cent higher at Rs 609 on the National Stock Exchange (NSE), against previous closing price of Rs 565.85. During the day's trade, the stock touched a record high of Rs 616.25.
The company, in an exchange filing, on Monday said Ramco Aviation, Aerospace & Defense has signed an agreement with a leading European MRO (Maintenance, Repair & Overhaul) for delivering full suite Ramco Aviation Software to digitally transform their MRO business, consisting of line maintenance, heavy maintenance, engine shops, component shops and supply chain. "In addition, they would also benefit from digital enablers such as mobility applications, bots, HUBs, AI, dashboards and 3rd party integration offerings powered by Ramco," the company said.
Besides, Ramco ERP has entered into an agreement with Agrifields DMCC, one of the largest companies in the trading of fertilisers and other agricultural inputs in the Middle-East, for implementing Ramco ERP Suite including modules for inventory, procurement, production, maintenance, along with real-time integration to plant operations via RTI (Real-Time Integrator) for its operations in Philippines.
Meanwhile, Ramco HR & Global Payroll signed two agreements, one each in Asia and America.
Ramco Systems, however, did not disclose the financial transaction involved in these orders.