Redington India spurts after huge bulk deal

Redington India gained 4.57% to Rs 132.80 at 11:38 IST on BSE after a huge bulk deal of 2.01 crore shares saw 5% equity stake of the company changing hands at Rs 135.85 per share at 09:22 IST on BSE.

Meanwhile, the S&P BSE Sensex was up 141.49 points, or 0.45%, to 31,387.05. The S&P BSE Mid-Cap index was up 77.01 points, or 0.52%, to 14,979.

Bulk deal boosted volume on the scrip. On BSE, so far 2.17 crore shares were traded in the counter, compared with an average volume of 99,136 shares in the past one quarter. The stock hit a high of Rs 137.45 and a low of Rs 126.10 so far during the day. The stock hit a record high of Rs 155.35 on 5 June 2017. The stock hit a 52-week low of Rs 79.70 on 9 November 2016.

The stock had underperformed the market over the past one month till 5 July 2017, falling 10.28% compared with 0.18% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 13.24% as against Sensex's 4.40% rise. The scrip also outperformed the market in past one year, gaining 23% as against Sensex's 15.01% rise.

The mid-cap company has an equity capital of Rs 79.97 crore. Face value per share is Rs 2.

Redington India's consolidated net profit rose 11.15% to Rs 153.32 crore on 3.07% rise in total income to Rs 10813.14 crore in Q4 March 2017 over Q4 March 2016.

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

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