IndiaMART InterMESH jumped 6.59% to Rs 4080, extending gains for third day in a row.
The stock has added 15.38% in three sessions while the S&P BSE Sensex and S&P BSE 500 have lost 1.66% & 1.98% respectively, during the same period.
In a filing made after market hours on Monday (1 September 2020), IndiaMART said it divested 70% stake in Ten Times Online, a subsidiary of the company.
Ten Times Online is engaged in the business of operating www.10times.com, a platform for physical business events discovery and networking wherein details of the physical events, shows and exhibitions are listed.
During the quarter ended 30 June 2020, Ten Times Online contributed 1.309 crore to the consolidated revenue of IndiaMART, which corresponds to 0.86% share of the total quarterly revenue.
IndiaMART disinvested the stake in Ten Times Online for Rs 21.17 lakh to Mayank Chowdhary and Atul Todi, the founders of Ten Times Online.
Consequent to the divestment, Ten Times Online is now only an associate company of IndiaMART InterMESH, which continues to hold 30% of the stake in the said company.
IndiaMART is India's largest online B2B marketplace for business products and services. It is a platform that connects buyers and sellers across borders and time-zones through business solutions.
The company's consolidated net profit jumped 128.7% to Rs 74.1 crore in Q1 June 2020 from Rs 32.4 crore posted in Q1 June 2019. Net sales rose 3.94% year on year (y-o-y) to Rs 153.10 crore during the quarter.
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