Redington share price rises 4%, hits all-time high; check reasons here

Shares of technology solutions provider Redington were buzzing in an otherwise weak market on Monday, February 10, 2025. The company's shares climbed 3.84 per cent to hit its all time high of Rs 240.70 per share on the BSE during the intra-day trade on Monday.

 

The northward march in the share price follows the news that Redington has announced plans to spend SAR 2 billion (two billion Saudi Riyals) in Saudi Arabia over the next decade. This spending will include a state-of-the-art HQ, a cutting-edge automated and smart distribution center, and investments in building talent.

 

Viswanath Pallasena, chief executive officer at Redington MEA, said, “We are wholeheartedly committed to Saudi Vision 2030, where technology is a key component of all its three pillars – a vibrant society, a thriving economy, and an ambitious nation. We’re truly dedicated to playing an active role in bringing its transformative goals to life. By aligning our efforts with this ambitious vision, we aim to contribute meaningfully to the Kingdom's progress and long-term success.”

 

Redington is a technology solutions provider and is engaged in the distribution of information technology, mobility, and other technology products, in addition to supply chain solutions. The company has transformed itself from a pure IT product distribution firm with a traditional cash-and-carry model to a leading integrated supply chain solution provider that includes non-IT products and involves the management of an inventory of more than 45,000 SKUs (stock-keeping units). It provides logistics, supply chain management, and other support services in India, the Middle East, Turkey, Africa, and South Asian countries.

 

As of February 10, 2025, the company's market capitalisation stands at Rs 18,735.22 crore.

 

At around 2:17 PM on Monday, Redington shares were trading at approximately Rs 239.95 apiece, up 3.54 per cent from their previous close of Rs 231.75 on the BSE. A combined total of nearly 23.67 million equity shares of Redington, worth around Rs 563.94 crore, exchanged hands on the BSE and NSE today.

 

At the same time, the benchmark equity indices were trading lower, with the BSE Sensex down 700.47 points at 77,159.72 and the Nifty50 around 23,334.60, down 0.96 per cent.