Ramco Systems surges on signing deal with Panasonic Group

The stock rallied 10% to Rs 382 on the BSE in intra-day trade

Ramco Systems has rallied 10% to Rs 382 on the BSE in intra-day trade after the Chennai-based cloud service provider said it has signed multi-million dollar cloud HR & payroll transformation deal with Panasonic Group of companies in Malaysia.

Ramco System’s award-winning Human Capital Management (HCM) solution will integrate with multiple Enterprise Applications and Finance systems in individual companies for statutory and payroll requirements, the company said in a press release.

Panasonic Group of companies in Malaysia will lead the Digital HR transformation initiative with a cloud-hosted Ramco HCM suite covering Core HR, Time & Attendance, Talent Management, Recruitment, Planning & Analytics in addition to Payroll,” it added.

At 10:20 am; the stock was up 8% at Rs 377 as compared to 0.24% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 632,403 shares have change hands on the BSE and NSE.