Redington (India) rose 1% to Rs 69 at 15:26 IST on BSE after net profit rose 5.81% to Rs 86.67 crore on 16.35% increase in total income from operations to Rs 7126.91 crore in Q3 December 2013 over Q3 December 2012.
The result was announced during market hours today, 5 February 2014.
Meanwhile, the BSE Sensex was 56.71 points, or 0.28%, to 20,268.64.
On BSE, so far 85,000 shares were traded in the counter, compared with an average volume of 59,194 shares in the past one quarter.
The stock hit a high of Rs 70.40 and a low of Rs 66.45 so far during the day. The stock hit a 52-week high of Rs 89.10 on 5 February 2013. The stock hit a 52-week low of Rs 48 on 30 September 2013.
The stock had underperformed the market over the past one month till 4 February 2014, falling 7.45% compared with the Sensex's 3.07% fall. The scrip had, however, outperformed the market in past one quarter, rising 7.38% as against Sensex's 4.84% decline.
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The small-cap company has an equity capital of Rs 79.89 crore. Face value per share is Rs 2.
The Income Tax Assessment for the Accounting Year ended on 31 March 2009 has been completed in January 2014 resulting in a tax demand of Rs 129 crore (besides interest of Rs 78 crore) mainly on account of tax on capital gain arising from transfer of company's investment in an overseas subsidiary to another overseas step-down subsidiary in November 2008, overruling the company's contention that the transaction is not subject to tax under Chapter IV-E of the Income Tax Act. Based on eminent tax counsels opinion the management is hopeful of successfully contesting the demand in appeal. Accordingly no provision is presently considered necessary, Redington (India) said in a statement.
Redington (India) and its subsidiaries operate mainly in information technology distribution business besides supply chain solutions, after sales service of information technology and other products and financial services. The company and its forty-nine subsidiaries as at 31 December 2013 (including 44 overseas subsidiaries and step-down subsidiaries) operate in India, Middle East, Turkey, Africa and other South Asian countries.
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