Take Solutions tumbles after board OKs sale of subsidiary

Take Solutions slumped 6.34% to Rs 46.65 after the company said its board on Monday (14 September 2020) approved selling the entire 58% stake in subsidiary, APA Engineering.

APA Engineering reported a turnover of Rs 133.69 crore and had a net worth of Rs 24.82 crore during the last financial year.

Take Solutions has sold its stake in the subsidiary to K. Vaidyanathan and K. Ramakrishnan, who are currently the whole-time directors of APA Engineering, for a consideration of Rs 17.40 crore. The company expects the transaction to be completed by 30 September 2020.

Take Solutions delivers domain-intensive services in life sciences and supply chain management.

The company reported a net loss of Rs 242.05 crore in Q1 June 2020 as against net profit of Rs 45.11 crore in Q1 June 2019. Net sales declined 71.5% YoY to Rs 165.89 crore during the quarter.

In the past one year, the stock has tumbled 63.79% while the benchmark S&P BSE Sensex has gained 4.12% during the same period.

The scrip is currently trading below its 50-day, 100-day and 200-day simple moving averages (SMA) placed at 46.81, 50.49 and 66.79, respectively.

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