Ramco Systems on upper circuit

Ramco Systems, which has closed yesterday at Rs.77.35, opened today at Rs.85.05, a straight 10% jump and its upper circuit too. The stock is now frozen with around 7000 pending buy orders on the counter.

The stock hit the upper circuit on unconfirmed rumours that the company is being eyed for acquisition by one of the large cap IT companies of India. The company has denied these rumours but the market seems to believe that there cannot be smoke without fire. The company has in fact stated that it plans to come out with a rights issue to fund its next phase of growth.