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Shares of Eclerx Services gained as much as 5 percent on Friday but pared most of the gains even after the company announced healthy earnings for the September quarter along with a share buyback.

The company's revenue in US Dollar terms as well as rupee terms grew in low and mid-single-digits respectively while EBIT margin expanded over 450 basis points.

On a constant currency basis, revenue grew 4.6 percent compared to the June quarter and 21.6 percent compared to the September quarter last year.

Net profit for the period grew 27 percent on a sequential basis.

The board also approved a share buyback worth Rs 300 crore through the tender offer mechanism. This is the company's second share buyback in as many years.

The maximum buyback price has been set as Rs 1,900 per share, which is marginally below the stock's 52-week high of Rs 1,980.

Promoters of the company will be participating in the share buyback.

Shares of Eclerx pared most of its gains to end 1.7 percent higher at Rs 1,398.