Redington (India) jumps after subsidiary wins distributorship for iPhones in UAE

Redington (India) rose 3.77% to Rs 121.25 at 10:39 IST on BSE after the company said its subsidiary has been appointed as a distributor for Apple iPhones in the UAE with immediate effect.

The announcement was made during trading hours today, 9 October 2015.

Meanwhile, the BSE Sensex was up 314.02 points, or 1.17%, to 27,159.83.

On BSE, so far 81,000 shares were traded in the counter, compared with an average volume of 61,772 shares in the past one quarter.

The stock hit a high of Rs 123.80 and a low of Rs 117.95 so far during the day. The stock hit a record high of Rs 147.65 on 5 December 2014. The stock hit a 52-week low of Rs 91.20 on 19 June 2015.

The stock had outperformed the market over the past one month till 8 October 2015, rising 12.09% compared with 6.04% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.57% as against Sensex's 3.04% decline.

The mid-cap company has an equity capital of Rs 79.96 crore. Face value per share is Rs 2.

Redington (India) announced that Redington Gulf FZE, a step-down subsidiary of the company, has been appointed by US-based Apple Inc as a distributor for iPhones in the UAE with immediate effect.

This is a key addition to Redington Gulf's telecom distribution portfolio and the company expects this to significantly increase its offering to customers in the smart phones category, the company said in a statement.

On consolidated basis, Redington (India)'s net profit rose 5.5% to Rs 81.15 crore on 5.8% growth in net sales to Rs 7569.59 crore in Q1 June 2015 over Q1 June 2014.

Redington is a supply chain solutions provider worldwide to over 100 leading manufacturers of information technology, telecom, lifestyle and consumer electronics products.

Powered by Capital Market - Live News