Ramco System soars 18% on deal with Korean Air

Its engine MRO solution will cater to the current and future expansion plans of the airline, strengthening Korean Air’s aircraft engine maintenance capabilities, Ramco System has said

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Shares of Ramco System zoomed 18 percent to Rs 335 in the morning trade on April 10 after the aviation software specialist signed a multi-million-dollar deal with Korea’s largest airline Korean Air for tech support at its new engine maintenance complex.

“The implementation of Ramco’s aviation software will replace multiple legacy systems to streamline operations across current engine shops and planned expansion sites,” the company said in a regulatory filing.

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This deal comes shortly after the airline’s announcement regarding the construction of its engine Maintenance, Repair, and Overhaul (MRO) facility in Unbuk, near Incheon International Airport. This facility is touted to become the largest engine maintenance plant in Asia, bringing together all engine MRO capabilities into a single cluster.

The company added that its engine MRO solution will cater to the current and future expansion plans of the airline, thereby strengthening the airline’s aircraft engine maintenance capabilities and solidifying its presence in the segment.

At 9:45 am, the stock was trading at Rs 329, up 15.56 percent in from the previous close on the NSE.

The share has gained 13 percent since the start of the year. Trading volumes were high as 6 lakh shares changed hands, significantly higher than the one month average of 64,000 shares.

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