Redington slumps as Morgan Stanley offloads bulk shares

Redington (India) lost 3.86% to Rs 107 at 15:14 IST on BSE after Morgan Stanley Asia (Singapore) Pte sold 1.39 crore shares of the company at an average price of Rs 110 per share in a bulk deal on the BSE yesterday, 5 October 2016.

Meanwhile, the S&P BSE Sensex was down 113.30 points or 0.4% at 28,107.68.

On BSE, so far 1.51 lakh shares were traded in the counter as against average daily volume of 3.06 lakh shares in the past one quarter. The stock hit a high of Rs 112.40 and a low of Rs 106 so far during the day. The stock had hit a 52-week high of Rs 129.65 on 7 December 2015. The stock had hit a 52-week low of Rs 95.10 on 28 July 2016. The stock had outperformed the market over the past one month till 5 October 2016, advancing 3.39% compared with 1.09% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 7.8% as against Sensex's 3.88% rise.

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

Dahlia Commodities Services was the buyer in the bulk deal.

On a consolidated basis, net profit of Redington India rose 13.2% to Rs 93.08 crore on 27.26% rise in net sales to Rs 9632.95 crore in Q1 June 2016 over Q1 June 2015.

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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