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This IT Stock Jumped Over 100% In 1-Month And 277% In 3 Months

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Companies from the IT space given the pace at which businesses across verticals are taking on technology were seen to be the first ones to recover from the pandemic. And now even as we have seen some resilience in the sector, there is this Chennai based IT services firm Ramco Systems scaled to its 52-high in Friday's (September 4, 2020) session of Rs. 275. And at the same on a monthly basis it double investors wealth in just a month, returning over 105% return over the past month.

 

And over a 3-year period, the returns have been a huge 277% against 13 per cent gain in the benchmark index.

This IT Stock Jumped Over 100% In 1-Month And 277% In 3 Months

Factors responsinble for a strong push in Ramco System's stock price

1. HDFC Mutual Fund Buying Stake In Ramco Systems

In the last week, HDFC Mutual in a stock filing said there has been an increase in the shareholding of the Ramco Systems by the Schemes of HDFC Mutual Fund by 2.25 per cent as of August 26, 2020. HDFC Mutual Fund bought 157,337 equity shares, representing 0.51 per cent of the equity of Ramco Systems at price of Rs 240 per share on the NSE.

As on August 26, 2020 the aggregate holding of the Schemes of HDFC Mutual Fund in the Company is 8.65 per cent of the paid up equity share capital of the Company, it said.

2. Strong Q1FY21 Results:

The company for the first time delivered a net profit of Rs. 14 crore as against Rs. 3 crore in the same quarter for FY21.

3. Ramco Systems Inked Multi-Million Dollar With Malaysian Firm:

The company inked an agreement with leading utilities and infrastructure Group for providing Digital Transformation through its ports and logistics operations. And with it company would manage operations of 50% port activity in Malaysia.

 

4. Stake purchase by Vijay Kedia:

In June ace investor Vijay Kedia invested into the company for a sum of Rs. 3 crore with stake now at 1.1%. In December quarter, he did not had any holding in the firm.

GoodReturns.in

Read more about: ramco systems
Story first published: Saturday, September 5, 2020, 12:53 [IST]
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