Redington rebounds as company to benefit from Apple's strategy

The stock is trading 3% lower at Rs 129, bouncing back 21% from intra-day low of Rs 107 on BSE.

Redington (India) is trading lower by less than 3% at Rs 129, bouncing back 21% from intra-day low on BSE, after the company clarified that the new initiatives announced by global electronics major Apple will significantly benefit Redington and Redington will continue to maintain its leadership position in future as well.

The  stock dipped 19% to Rs 107 in early noon deal on reports that Apple, the maker of iPhones and ipads, is roping in global retail major Brightstar to sell its devices in India. The trading volumes on the counter surged multiple fold with a combined 19.33 million shares changed hands till 1451 hours on BSE and NSE.

Redington said, the company and Apple have seen great success in the Mac Business and iPhone Business in the last two years and are working very closely to maximize growth of these categories.

In iPhone, Apple is well poised to gain and grow a higher market share in the fast growing Smart Phone category. Redington is closely aligned with Apple in its strategy and will continue to be the leading distributor for Apple in the period going forward, it added.

Given the aggressive plan of Apple to significantly grow the iPhone business, Apple is relooking at its distribution landscape and redefining its customer segments and realign the geographies being addressed, the company said.