eClerx Services spurts after board OKs share buyback

eClerx Services jumped 4.77% to Rs 499 after the company said its board approved a proposal to buyback shares worth up to Rs 109.50 crore at a price not exceeding Rs 550 per share.

The buy-back price is 15.47% premium to the Friday's close of Rs 476.30 on BSE.

At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 19,90,909 equity shares, subject to not exceeding 25% of the total paid up equity capital of the company.

As of 31 March, promoters held 50.76% in the company.

On a consolidated basis, the company's net profit fell 6.4% to Rs 55.40 crore on a 3.9% decline in net sales to Rs 350.93 crore in Q4 March 2020 over Q4 March 2019.

eClerx provides critical business operations services to financial services firms, online retail and distributors, interactive media, luxury brands and entertainment, high tech and industrial manufacturing, travel and leisure, and software vendors through operational support, data management and analytics solutions.

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