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Ramco Systems share price rallies 72% in 15 days; stock jumps 20% today as Vijay Kedia buys 1% stake

With today’s surge in the stock, Ramco Systems stock has jumped 72 per cent from its 52-week low of Rs 64.10 touched on May 21

Ramco Systems share price was locked in a 20 per cent upper circuit for the second consecutive day on Thursday at Rs 110.25 apiece after investor Vijay Kishanlal Kedia acquired over 1 per cent stake in the IT consulting and software company. According to the bulk deals on the National Stock Exchange (NSE), Vijay Kedia bought 3,39,843 shares of Ramco Systems on June 10, 2020, which represents 1.1 per cent, for Rs 2,98,45012. Kedia purchased these shares in the company at an average price of Rs 87.82 per equity through bulk deals, according to the NSE data. With today’s surge in the stock, Ramco Systems stock has jumped 72 per cent from its 52-week low of Rs 64.10 touched on May 21

Ramco Systems share price has rallied 40 per cent so far this week. In the previous session, Ramco Systems surged 20 per cent to hit upper circuit at Rs 91.90 apiece. Analysts expect that Indian IT industry will face some headwinds in the near-term. “The Indian IT sector is likely to face some near term headwinds due to likely cut back in discretionary spending by clients and delay in the ramp-up of new projects,” Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd, told Financial Express Online. “Having said that, we believe that there is an increased likelihood of faster adoption of digital technologies despite the near term challenges which bodes well for the sector in the medium to long term. Post the recent outperformance relative to the Nifty, we are currently neutral on the sector,” Jyoti Roy further added.

Ramco Systems opened at Rs 104.40 today and hit the intraday low of Rs 102.30 per share. With today’s gain in the stock, Ramco Systems market-capitalisation stands at Rs 337.42 crore. Along with the Panacea Biotec and Shankara Building Products, Ramco Systems was the top BSE smallcap gainer in today’s weak trade.

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