eClerx Services jumps over 12% in two sessions

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eClerx Services rose 2.60% to Rs 1,543 at 15:11 IST on BSE, extending Friday's rise triggered by the company's board approving a proposal to buyback upto 12.90 lakh equity shares at Rs 2,000 each.

The announcement was made during trading hours on Friday, 22 December 2017.

Shares of eClerx Services spurted 9.85% to settle at Rs 1,503.85 on Friday, 22 December 2017. The stock has risen 12.71% in two sessions from its close of Rs 1,368.95 on Thursday, 21 December 2017.

Meanwhile, the S&P BSE Sensex was up 61.40 points, or 0.18% to 34,001.70.

On the BSE, 33,000 shares were traded in the counter so far, compared with average daily volumes of 16,000 shares in the past two weeks. The stock had hit a high of Rs 1,557 and a low of Rs 1,503.85 so far during the day. The stock hit a 52-week high of Rs 1,589.55 on 22 December 2017. The stock hit a 52-week low of Rs 1,141.65 on 25 September 2017.

eClerx Services said that its board of directors approved a proposal for buyback of equity shares of the company, subject to approval by the shareholders, for an aggregate amount not exceeding Rs 258 crore, being within 25% of the total paid-up equity capital and free reserves of the company as on 31 March 2017.

The company will buyback shares at a price not exceeding Rs 2,000 per equity share from all existing shareholders of the company on the record date to be fixed for the said purpose. At maximum buyback price, the buyback translates into approximately 12.90 lakh equity shares of the company, representing about 3.23% of the total paid up equity share capital of the company.

The board noted the intention of the promoters and promoter group of the company to participate in the proposed buyback.

As of 30 September 2017, the promoter and promoter group held 50.16% stake in eClerx Services.

On a consolidated basis, net profit of eClerx Services rose 11.66% to Rs 88.48 crore on 0.69% decline in net sales to Rs 330.88 crore in Q2 September 2017 over Q1 June 2017.

eClerx Services is one of India's leading process management and data analytics companies.

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