eClerx up on buyback buzz

eClerx,  India's first and only publicly listed KPO company is buzzing loud and strong on the bourses today. The stock is up almost 8% at Rs.679.95, after having hit an intra day high at Rs.693. Yesterday, the stock had closed at Rs.630. Volumes are huge at over 13,000 shares, which is 26 times its 2-week average volume.

The market is hoping that the company will soon announce a buy back plan and this hope has sprung from its Board meeting held yesterday, wherein  its Board has approved amendment of article enabling buy-back of as much as 10% of shares of the total paid-up equity capital and free reserves of the company. Shareholders approval will be sought through a postal ballot.  This comes out-of-the-blue as promoters stake is already well below the SEBI stipulated 75% at 53.26%.