Business News/ Markets / Stock Markets/  IT stock rallies as board to mull bonus shares issue next week

Shares of eClerx Services surged nearly 6% on the BSE to 2,335 apiece in Wednesday's trading session after the company informed that its board will meet next week on Tuesday, August 9, 2022 to consider the proposal for issuance of bonus equity shares of the company along with approving its financial results for the first quarter ended June 30, 2022.

"This is to inform you that a Meeting of Board of Directors of the company will be held on Tuesday, August 9, 2022 inter-alia: 1. to approve and take on record the Un-audited Financial Results (Consolidated and Standalone) of the Company for the quarter ended June 30, 2022. 2. to consider the proposal for issuance of bonus equity shares of the company," eClerx announced in an exchange filing on Tuesday.

Bonus shares are fully paid additional shares issued by a company to its existing shareholders free of cost and is issued in relation to the number of shares held by the company's shareholders.

eClerx is an Indian IT and consulting company that provides business process management, automation and analytics services to a number of Fortune 2000 enterprises, including some of the world's leading financial services, communications, retail, fashion, media & entertainment, manufacturing, travel & leisure and technology companies. 

Incorporated in 2000, eClerx employs more than 14000 people across Australia, Canada, Germany, India, Italy, Netherlands, Philippines, Singapore, Thailand, UK and the USA.

eClerx shares are down more than 16% in 2022 (YTD) so far as compared to over 2% fall in benchmark BSE Sensex, whereas the IT stock is up about a per cent in a year's period.

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Updated: 03 Aug 2022, 11:46 AM IST
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