Redington (India) firms up ahead of iPhone 7 launch

Redington (India) rose 3.25% to Rs 119.15 at 15:10 IST on BSE as US-based Apple Inc will reportedly launch iPhone 7 today, 7 September 2016.

Meanwhile, the BSE Sensex was down 38.85 points, or 0.13%, to 28,939.17.

On BSE, so far 1.60 lakh shares were traded in the counter, compared with average daily volume of 69,385 shares in the past one quarter. The stock hit a high of Rs 122.70 and a low of Rs 117.55 so far during the day. The stock hit a 52-week high of Rs 132 on 24 September 2015. The stock hit a 52-week low of Rs 95.10 on 28 July 2016. The stock had outperformed the market over the past 30 days till 6 September 2016, rising 12.26% compared with 2.82% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.44% as against Sensex's 7.24% rise.

 

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

Apple's new iPhones called the iPhone 7 and iPhone 7 Plus are set to launch later in the global day today, 7 September 2016. According to reports, iPhone 7 and iPhone 7 Plus will go on sale in India on 16 September 2016.

Redington India is one of the key distributors for Apple products in India.

On a consolidated basis, net profit of Redington India rose 13.21% 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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