Ramco Systems Surges 20% on Multi-Million Dollar Deal with Korean Air

10 Apr 2024 , 02:00 PM

Ramco Systems’ shares surged by the 20% upper circuit to reach ₹341.75 on the BSE during Wednesday’s intra-day trade, following the announcement of a multi-million dollar deal with Korean Air.

Till 10:33 am, a total of 2.33 million equity shares were traded, with pending buy orders for 0.36 million shares on both the NSE and BSE. At the time of writing, the stocks of Ramco Systems were trading at ₹340.90 which is a 19.99% gain than the previous close.

The stock had previously hit a 52-week high of ₹356.65 on February 6, 2024.

According to an exchange filing, Ramco Systems revealed a strategic engagement with Korean Air, the largest airline in South Korea and its flag carrier, to implement its flagship aviation software, Ramco Aviation Suite, at Korean Air’s Engine Maintenance Center.

The implementation aims to replace multiple legacy systems, streamline operations across existing engine shops, and prepare for expansion sites. Ramco Aviation offers comprehensive MRO-specific functionalities and integrated e-publications on a unified platform.

Korean Air’s engine maintenance center will also benefit from digital enablers such as Mobility via Anywhere Apps, HUBs, Dashboards, and other integrations provided by Ramco.

Ramco Systems, during the announcement of its December quarter (Q3FY24) results on February 7, disclosed strategic partnerships with renowned service firms, Deloitte Touche Tohmatsu India LLP and BDO India. These alliances aim to integrate Ramco’s advanced payroll platform with the extensive consulting capabilities offered by these partners, setting a global benchmark for payroll excellence.

As part of its turnaround strategy, Ramco anticipates stronger growth and improved results in the forthcoming quarters. Management expressed commitment to excellence and strategic partnerships, aiming to surpass expectations and achieve a leading industry position.

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