eClerx Services stock up nearly 2% on overseas acquisition

Trimming most of its initial gains, outsourcing firm eClerx Services today ended nearly 2 per cent higher on BSE after the company announced plans to acquire Italian media content management company Clx Europe SPA for 25 million euros.
After surging 6.93 per cent to Rs 1,700 in intra-day trade, shares of the company ended at Rs 1,616.40, up 1.68 per cent from previous close on the BSE.
At the NSE, the stock settled 1.16 per cent higher at Rs 1,604.
Marketmen said that emergence of profit-booking pulled down the stock from morning gains.
The company will be doing the acquisition through its British subsidiary and has signed an agreement to acquire the Italian company for the consideration, it had said in a note yesterday.

"The combined companies' capabilities are highly complementary and now form a continuous value chain of creative asset development, digital multi-channel production, data management and analytics," it had said.
Clx Europe creates, manages and delivers creative assets globally to the multi-channel market for luxury brands and major retailers.
The acquisition will be funded by internal accruals and post-acquisition, CLX will operate as a subsidiary of Eclerx, it had said.