Ramco Systems rose 1.28% to Rs 709.80 at 11:40 IST on BSE after the company announced that it has set up a subsidiary in Philippines to address the impending market opportunity in the region
The announcement was made during market hours today, 22 June 2016.Meanwhile, the BSE Sensex was down 15.17 points, or 0.06%, to 26,797.61.
On BSE, so far 12 shares were traded in the counter, compared with an average volume of 1,763 shares in the past one quarter. The stock hit a high of Rs 709.95 and a low of Rs 695 so far during the day. The stock hit a record high of Rs 1,113 on 5 August 2015. The stock hit a 52-week low of Rs 571.20 on 20 January 2016. The stock had underperformed the market over the past one month till 21 June 2016, falling 2.52% compared with the Sensex's 5.97% rise. The scrip had also underperformed the market in past one quarter, declining 1.14% as against Sensex's 6.04% rise.
The mid-cap company has an equity capital of Rs 30.03 crore. Face value per share is Rs 10.
Ramco Systems said that triggered by the success seen with the winning of 5 new clients in the last few quarters, it has set up a wholly-owned subsidiary in Philippines under the name Ramco System lnc.
As the second largest populated nation in Association of Southeast Asian Nations (ASEAN), Philippines has been witnessing the fastest economic growth among the ASEAN countries. To better address the market opportunity arising in Philippines, Ramco Systems has set up an office, its fourth in the ASEAN region and 21st, globally. Ramco's new-office will employ local innovators, at a time when the Philippines lT sector moves beyond business process outsourcing - a pillar of economic growth in recent years - to include implementation of cloud-based technology to transform local enterprises in the area of ERP, HR, Payroll, Aviation and Logistics.
Commenting on the expansion, P R Venketrama Raja, Vice Chairman & Managing Director, Ramco Systems, said, a buoyant economy and drive to embrace disruptive technologies is driving enterprises in Philippines to invest in latest technologies. The company is opening an office in Manila to enable local enterprises to leapfrog to cloud technology and derive significant business benefits. Given the excellent technical manpower in Philippines - it will also serve as a base for addressing company's clients in the ASEAN region. With focus on innovation and cloud, the company looks forward to becoming the region's most favored cloud enterprise software provider, he added
With Singapore as the regional headquarters, and offices in Malaysia and Hong Kong, Ramco Systems in ASEAN has seen a steady growth for all three product offerings - ERP, HCM and Aviation MRO. For the year ended 31 March 2016, Asia Pacific (including ANZ) contributed 29% to the overall revenue. The company recently set up an 'lnnovation Lab' in Singapore funded by the Singapore Government with anchor partner Air France lndustries & KLM Engineering (AFIKLM). While innovative offerings get tested in Singapore, Ramco in Kuala Lumpur (Malaysia) has transformed itself into an R&D and support hub for HR & Global Payroll requirements, company said.
Consolidated net profit of Ramco Systems fell 11.1% to Rs 10.41 crore on 6.53% rise in net sales to Rs 206.33 crore in Q4 March 2016 over Q3 December 2015.
Ramco Systems is a software products and services provider incorporated in India. Ramco Systems is a provider of enterprise resource planning, human capital management and aviation maintenance & engineering (M&E) & maintenance repair & overhaul (MRO) software.
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