Ramco Systems zooms 20% on signing deal with Korean Air

The company has entered into an agreement with South Korea's largest airline, to implement its flagship aviation software, Ramco Aviation Suite at the airline's Engine Maintenance Center.

Shares of Ramco Systems were locked at the 20 per cent upper circuit at Rs 341.75 on the BSE in Wednesday's intra-day trade after the largest South Korean airline - Korean Air signed a multi-million dollar deal with the company for its aviation software Ramco Aviation.

Till 10:33 am; a combined 2.33 million equity shares changed hands and there were pending buy orders for 0.36 million shares on the NSE and BSE. The stock had hit a 52-week high of Rs 356.65 on February 6, 2024.

In an exchange filing, Ramco Systems said it entered into a strategic engagement with Korean Air, a flag carrier of South Korea and its largest airline, to implement its flagship aviation software, Ramco Aviation Suite at Korean Air’s Engine Maintenance Center.

 

The implementation of Ramco's Aviation Software will replace multiple legacy systems to streamline operations across current engine shops and planned expansion sites. With comprehensive MRO-specific functionalities, and integrated e-publications all on a unified platform, offered as an out of the box solution, Ramco Aviation will be the technological foundation for Korean Air, the company said.

In addition, the airline's engine maintenance center will also benefit from digital enablers such as Mobility via Anywhere Apps, HUBs, Dashboards and other integrations to the ecosystem offerings, powered by Ramco.

While announcing December quarter (Q3FY24) results on February 7, Ramco Systems had said the company had recently secured strategic partnerships with prominent services firms, Deloitte Touche Tohmatsu India LLP and BDO India. These alliances will blend Ramco’s advanced payroll platform with the vast consulting prowess and services offered by these partners, establishing a benchmark for global payroll excellence.

As the company's turnaround strategy unfolds, Ramco is expecting stronger growth and improved results in the coming quarters. “This positive change reflects Ramco’s commitment to excellence and strategic partnerships, setting us on a path to outperform expectations and secure a leading position in the industry,” the management had said.