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eClerx Services stock rises 10% after board clears share buyback

BusinessToday.In     July 6, 2020

eClerx Services share price rose over 10% intra day after the firm said it would buy back shares from the open market. eClerx Services share price gained up to 10.74% intra day to Rs 527.50 against  previous close of Rs 476.30. Later, it erased all gains to close marginally lower at Rs 475.55.

Total 0.51 lakh shares changed hands amounting to turnover of Rs 2.53  crore. Market cap of the firm stood at Rs 1,758.75 on BSE.

The stock has fallen after 4 days of consecutive gain. It stands higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages.

The share has lost 34.83% in one year and fallen 16.49% since the beginning of this year. However in a month, the share has risen 14.16%.

The board of the company cleared the buyback of company's equity shares for an aggregate amount not exceeding Rs 1,09.5 crore, at a buyback price not exceeding Rs 550 per equity share from the shareholders/beneficial owners of the company.

The Board has also constituted a committee for the purpose of the buyback ("Buy Back Committee") and has delegated its power to the buyback Committee to do or cause to be done all such acts, deeds, matters and things, deem necessary with regard to the implementation of the buyback of shares, the firm said.

eClerx Services Limited is an India-based knowledge and business process outsourcing company. The company provides operational support, data management and analytics solutions to companies, including financial services firms, online retail and distributors, interactive media, luxury brands and entertainment, high tech and industrial manufacturing, travel and leisure and software vendors.

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