Shares of eClerx Services surged 14% to Rs 2,505.35 in intraday trading on the BSE on Wednesday after the company announced that its board of directors would meet on August 9, 2022, to consider the proposal to issue the company’s bonus shares.

The board will also meet to approve and record the company’s unaudited financial results for the quarter ended June 30, 2022 (Q1FY23), eClerx Services said in an after-hours filing to the exchange on Tuesday.

Shares of companies engaged in business process outsourcing (BPO) and knowledge process outsourcing (KPO) hit a new 52-week high of Rs 2,970 on January 13, 2022. The stock has risen 31% in the past month. The S&P BSE Sensex rose 10%.

The stock was up 7% at Rs 2,355 at 9.35 am, while the S&P BSE Sensex was down at Rs 58,138.

eClerx provides critical business operations services to more than 50 global Fortune 500 clients, including some of the world in financial services, cable and telecommunications, retail, fashion, media and entertainment, manufacturing, travel and leisure, software and high-tech companies leading company.

The company acquired Personiv, an outsourcing provider with over 35 years of experience, with offices in the US, India and the Philippines. The acquisition will leverage synergies from digital and customer experience services. That would add about $32 million to eClerx’s annual revenue, according to analysts at ICICI Securities.

The overall revenue mix has been shifting offshore over the past four quarters, with the onshore revenue mix falling from 23% to 20%, which is a positive margin. Management doesn’t expect a very different mix going forward. In its top picks for the 2022 calendar, the brokerage said it was a guide for a healthy EBITDA margin range of 28% to 32%.