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Redington India gets going after block deal

Wednesday, May 30, 2007

Redington India gained 10% to Rs 234.50 after 2.26 lakh shares changed hands in the stock in a single block deal on NSE at Rs 235.20.

On BSE, 32.62 lakh shares were traded in the scrip.

On 15 February 2007, Redington India debuted at Rs 140 compared with the IPO price of Rs 113 and closed at Rs 163.25. It had weakened shortly after debut, to reach a low of Rs 126.15 on 7 March 2007. The stock had recovered from a lower level later to reach Rs 143.45 by 16 March 2007. Since then, the scrip gained 28.43% to trade at Rs 184.50 on 16 May 2007. It touched recent high of Rs 213.20 on 29 May 2007.

Redington India reported net profit of Rs 15.45 crore in the quarter ended March 2007, on sales of Rs 1407.94 crore.

The net profit jumped 45.12% to Rs 42.42 crore in the year ended March 2007 (Rs 29.23 crore). Sales rose 27.62 % to Rs 4712.56 crore in FY 2007 (Rs 3692.66 crore).

Redington India distributes IT products in India, the Middle East and Africa. Besides distribution, Redington (India) also provides support services for IT hardware and mobile phones.

Posted by FR at 10:16 PM  

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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.