EClerx Services to merge its two US subsidiaries

eClerx Services Ltd has informed BSE that Agilyst Inc. USA, a step down subsidiary of the company, having its registered office in Philadelphia in the US, has been merged into eClerx LLC, USA, wholly-owned subsidiary of the company, having its registered office in New York, USA. The merger aims at administrative convenience and maintaining lean corporate structure.

The said merger was approved by the relevant state authorities under applicable US laws and is effective from 1 January, 2017.

The share is trading at Rs 1,485.75 up by Rs 24.45 per share or 1.67 per cent on Thursday on intra-day basis. Over one year period, the stock has delivered 8.4 per cent returns, thus outperforming the broader market.

The 30-day daily moving average for the stock is 1484 and on today’s price there is a good probability for the stock to trade above its 30-day moving average which indicates bullishness in the scrip.