It's a steep climb up north for shares of midcap information technology stock Ramco Systems on Tuesday, with investors lining up at the counter, following an announcement from the company about a multi-million dollar order win.
Ramco Systems Limited, which is among the leading enterprise software companies focusing on enterprise cloud platform, products and services, announced this morning that it has bagged a Multi-million dollar Payroll Transformation order from one of the FTSE 100 constituent and British Multinational Banking & Financial Services company. Ramco will enable the BFSI major in consolidating its multi-country Payroll on a unified platform and provide Managed Payroll Services for its associates spread across 14 countries.
Recently, Ramco Systems was rewarded the ‘Highly recommended Payroll Software Supplier of 2017’ by Global Payroll Association.
Ramco's global payroll platform will help the multi-national BFSI major derive benefits of a unified payroll processing system which will effectively and efficiently handle operations of more than 8500 employees across Asia covering Vietnam, Brunei, Bangladesh, Sri Lanka & Nepal, and the Middle East covering Iraq, Bahrain, Oman, Qatar, Saudi Arabia, Egypt, Lebanon, Jordan and UAE in Phase 1.
The scope of the contract includes providing payroll, taxes, time & attendance, leave management, loans and reimbursements and self service.
The share price of Ramco Systems Limited soared to Rs 428.90 (up 15.2%) on BSE soon after the announcement was made by the company this morning.
On BSE, the Ramco Systems counter has already clocked a volume of more than 68,000 shares so far in the session, nearly 30 times the average daily volume of about 2300 shares. On the National Stock Exchange, the counter has clocked a volume of nearly 6.45 lakh shares so far in the session.
Last year, after hitting a 52-week high of Rs 495.45 on October 26, the stock saw some weak spells and eventually declined to a low of Rs 285 by mid December.
Ramco Systems posted consolidated net loss of Rs 3 crore in the April - June 2017 quarter, as compared to net profit of Rs 8.02 crore in the corresponding quarter a year earlier. Net sales were down by about 3.4% in the quarter to Rs 110.34 crore, from the year-ago quarter.
