Redington hits upper circuit on good results

The stock soared 20% to it's upper circuit of Rs 195. The stock ended at the same upper circuit levels with buy orders for nearly 27,000 shares pending at the counter. The counter clocked comparatively heavy trading volumes of 131,381 shares on the BSE today.
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(Updated at 1311 hrs)

Redington India has zoomed on the back of a rise in FY09 total profit.

The stock opened up 3% at Rs 169. It soon surged 15% to a high of Rs 187 and is now trading up 11.5% at Rs 182. The counter has witnessed heavy trading volumes of 87,460, as against the two-week daily trade average of 22,253 shares on the BSE so far.

The 52-week high and low of the stock is at Rs 370 and Rs 80, respectively.

According to a release issued by the company to the BSE today, the consolidated profit has increased 17% to Rs 159.66 crore in the year ended March 2009 from Rs 136.07 crore in FY08. Net sales are up 16.5% to Rs 12,679.82 crore from Rs 10,877.28 crore.