Redington India slips on buzz Apple hires new distributor

Redington India plunged 7.6% to Rs 112.10 at 13:10 IST on BSE on reports that Apple, the maker of iphones and ipads, is roping in global retail major Brightstar to sell its devices in India.

Meanwhile, the S&P BSE Sensex was up 15.88 points or 0.05% at 29,586.92.

On BSE, so far 33.85 lakh shares were traded in the counter as against average daily volume of 9.08 lakh shares in the past one quarter.

The stock hit a high of Rs 134.80 and a low of Rs 107 so far during the day. The stock had hit a record high of Rs 147.65 on 5 December 2014. The stock had hit a 52-week low of Rs 64.05 on 29 January 2014.

The stock had underperformed the market over the past one month till 27 January 2015, falling 0.19% compared with Sensex's 8.55% rise. The scrip had, however, outperformed the market in past one quarter, jumping 42.1% as against Sensex's 10.53% rise.

The mid-cap stock has equity capital of Rs 79.93 crore. Face value per share is Rs 2.

Redington and Ingram reportedly supply Apple's products in India to other regional distributors, multi-product trade channels, Apple premium re-seller stores and Apple authorized reseller outlets. Apple accounts for nearly 70% of Redington's sales, 12% and 28% of Redington's consolidated and India revenue, respectively, report added.

Brightstar has reportedly managed to poach Redington's top official who is in charge of the Apple business unit. Puneet Narang, a telecom industry veteran who heads Redington's iComm Strategic Business Unit, will lead the charge for the Brightstar business, report said.

Redington India's consolidated net profit rose 13% to Rs 85.95 crore on 16.2% rise in total income to Rs 7770.61 crore in Q2 September 2014 over Q2 September 2013.

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

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