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Ramco Systems' shares locked in upper circuit after HDFC Mutual Fund acquires stake

Ramco Systems' shares locked in upper circuit after HDFC Mutual Fund acquires stake

Ramco Systems' shares locked in upper circuit after HDFC Mutual Fund acquires stake
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By CNBCTV18.com Aug 27, 2020 1:08:31 PM IST (Published)

Ramco Systems' share price were locked in an upper circuit on Thursday after HDFC Mutual Fund acquired 1.57 lakh shares of the company at Rs 240/share, as per the exchanges data.

Ramco Systems' share price were locked in an upper circuit on Thursday after HDFC Mutual Fund acquired 1.57 lakh shares of the company at Rs 240/share, as per the exchanges data. The fund house bought 0.51 percent stake in the company.

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The stock was trading 5 percent higher at Rs 257.75 per share on the NSE.  Moreover, the stock has continued to gain in the last 17 trading sessions and has climbed about 92 percent to trade at current levels.
Interestingly, the stock has hit upper circuit in 13 trading sessions out of the last 17.  The recent surge in the shares began after the stock crossed its 200-DMA (moving average) on July 27. After that, the volume of the stock has usually been higher, with over 1 lakh shares exchanging hands daily.
On August 25, the company signed a multi-million dollar agreement with a Malaysian company. The exchange filing of the company further said that the Ramco's enterprise platform will support in managing more than 50 percent of all port operations in Malaysia.
The Chennai-based software company in the quarter ended June 30 reported net profit at Rs 14 crore as against Rs 3 crore in the same period last year.
The quarterly order bookings surged 63 percent over the previous quarter to $21.37 million after it acquired four 'million-dollar plus' deals. It also won orders in aviation and logistics verticals.
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