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Home >Markets >Stock Markets >Why eClerx share price hit upper circuit — explained

eClerx share price today hit upper circuit after the strong fourth quarter results of the IT consulting and outsourcing company. The IT company reported revenue growth of 19.3 per cent while its profit rose 40 per cent over the third quarter. According to stock market experts, this robust rise in the eClerx shares can be attributed to its strong quarterly results. Those experts predicted further rally in the IT counter and said that the eClerx is a portfolio stock and one can keep it in one's portfolio for 3 to 6 months.

Speaking on the reason for eClerx share price rally Ravi Singhal, Vice Chairman at GCL securities said, "This rise in EClerx share price today can be attributed to the strong fourth quarter results in which the IT consulting and outsourcing company has reported revenue and profit growth. The commentary of the company management was also taken positively by the markets and all these positive triggers led to the bull run in eClerx stock price."

For those investors who have eClerx shares in their portfolio Mudit Goel, Senior Research Analyst at SMC said, "Those who hold eClerx stock in one's portfolio should hold the counter as it is still looking positive on the technical chart. However, for those who want to buy this counter, I would advise them to wait for some profit-booking."

However, Ravi Singhal of GCL Securities said, "eClerx is a portfolio stock. One can buy the counter at current market price and keep on accumulating up to 1500 levels. The counter has immediate hurdle at 1780 and on the breakage of this hurdle, eClerx shares may go up to 2200 in next 3-6 month."

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