Meanwhile, the S&P BSE Sensex was almost unchanged at 19,441.19.
On BSE, 3,906 shares were traded in the counter as against average daily volume of 1,602 shares in the past two weeks.
The stock hit a low of Rs 92.40 so far during the day.
Shares of Ramco Systems have rallied 20.94% in two trading sessions from Rs 77.35 on 8 July 2013 after the company during trading hours on Tuesday, 9 July 2013 said it has bagged an order from US based Vassallo Industries which is a leading PVC manufacturer. The stock had surged by the maximum permissible level of 10% to settle at Rs 85.05 on Tuesday, 9 July 2013. The company also announced the setting up of its fourth office in Puerto Rico in the US.
Ramco also said that the company added five new cloud ERP customers in North America in Q1 June 2013.
Meanwhile, Ramco Systems after market hours on Tuesday, 9 July 2013, clarified to the exchanges on media reports published on 9 July 2013 citing market rumors that the company is proposed to be acquired/taken over by one of the leading software companies in India. Ramco in its clarification said that all rumors surrounding the alleged stake sale/takeover are baseless, false and untrue. As disclosed previously, the company is in the process of coming out with a rights issue to meet its capital requirements and has undertaken steps towards the same. The management is committed to the future of the company, it said.
Ramco Systems reported consolidated net loss of Rs 5.73 crore in Q4 March 2013, lower than net loss of Rs 6.93 crore in Q3 December 2012. Net sales rose 4.41% to Rs 69.12 crore in Q4 March 2013 over Q3 December 2012.
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Ramco Systems is a software company focused on consulting, products and managed services business.
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