TAKE Solutions shares fall over 5% on revenue warning due to Chennai floods

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New Delhi | Updated: December 18, 2015 4:24:33 PM

TAKE Solutions share price fell as much as 3.45 per cent in the early trade on Friday after the IT major on Thursday said that the recent floods in Chennai will impact its revenue

Tech Mahindra, Sensex, NiftyTAKE Solutions share price fell as much as 3.45 per cent in the early trade on Friday after the IT major on Thursday said that the recent floods in Chennai will impact its revenue (Photo: Reuters)

TAKE Solutions share price fell as much as 3.45 per cent in the early trade on Friday after the IT major on Thursday post market hours said that the recent floods in Chennai will impact its revenue and margins for the quarter ended December 31, 2015.

At 9.38 am, the share price of the company was trading 3.17 per cent down at Rs 175.50. The scrip opened at Rs 178.10 and had touched a high and low of Rs 178.10 and Rs 175, respectively, in trade so far. Later, the share price of the company closed 5.54 per cent up at Rs 171.20.

TAKE and its subsidiaries have multiple facilities in Chennai employing more than 450 people.

“Due to the facilities being non-operational for a week, there have been consequential delays in client delivery. As TAKE’s contracts are primarily fixed bid in nature, we expect some of the milestone deliveries to slip into the next quarter,” it said in a filing to the BSE.

The company, which has also suffered some asset loss, is in touch with insurance companies to assess the material damage and claims will be as per the policy guidelines, it added.

In the past one year, the share price of TAKE Solutions jumped 262.14 per cent to Rs 181.25 on December 17. Sensex fell 3.39 per cent during the same period.

The promoters holding in the company stood at 68.36 per cent while institutions and non-institutions held 3.90 per cent and 27.74 per cent respectively.

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