Ramco Systems' Deal with Multi-Million Dollar Major Rallies its Stocks by 10%

Shares of Ramco Systems' have revived by 10 percent to scale a new 52-week high of Rs 620.55 on the BSE as on Wednesday post the company announced that it has signed a multi-million-dollar agreement with a Global Fortune 500 firm.

The company said in a filing to exchanges."We are pleased to intimate you that Ramco Systems has signed a multi-million-dollar agreement with a Global Fortune 500 major to unify and transform its Payroll for 18 countries in the Asia Pacific region on Ramco’s Managed Payroll Services. With this win, we have added three Fortune 500 brands as clients for Ramco Global Payroll, in Q3 2020."

Complete with chatbots, voice, and AI/ML, Ramco HR, and Global Payroll addresses operational HR modules that include Core HR, Time & Attendance & Global Payroll with statutory compliance across 50+ countries.

However, the group has also notified the exchanges about multi-million dollar deals with multiple companies that are based in Asia, Europe, and America.

Commenting on the deal, the company states, "Ramco Aviation, Aerospace & Defense 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. Ramco ERP, meanwhile, signed an agreement with Agrifields DMCC, one of the largest companies in the trading of fertilizers 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 the Philippines."

Ramco HR & Global Payroll, too, signed two agreements, one each in Asia and America. The company's business unit signed an agreement with a global multinational that has an existing Ramco Managed Payroll client across 12 countries, to extend the coverage to additional 5,000-plus employees in Japan. While another agreement with a multinational in the energy sector will consolidate its payroll operations across over 20 countries in Asia, the Middle East and South Africa on Ramco's Next-generation Managed Payroll Services platform. The company's stock elevated to 8.75 percent at Rs 613.50, as against a 0.74 percent gain in the benchmark index.