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Redington (India) slumps after Q1 results

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Capital Market
Last Updated : Aug 05 2015 | 12:01 AM IST

Redington (India) tumbled 4.6% to Rs 112 at 9:50 IST on BSE after consolidated net profit rose 5.5% to Rs 81.15 crore on 5.8% growth in net sales to Rs 7569.59 crore in Q1 June 2015 over Q1 June 2014.

The Q1 result was announced after market hours yesterday, 3 August 2015.

Meanwhile, the S&P BSE Sensex was down 99.81 points or 0.35% at 28,087.25.

On BSE, so far 37,000 shares were traded in the counter as against average daily volume of 83,146 shares in the past one quarter.

The stock hit a high of Rs 113.50 and a low of Rs 110.50 so far during the day. The stock had hit a 52-week low of Rs 86.90 on 13 August 2014. The stock had hit a record high of Rs 147.65 on 5 December 2014.

The stock had outperformed the market over the past one month till 3 August 2015, surging 16.01% compared with Sensex's 0.34% rise. The scrip had, however, underperformed the market in past one quarter, sliding 1.43% as against Sensex's 4.35% rise.

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The mid-cap company has equity capital of Rs 79.95 crore. Face value per share is Rs 2.

Redington (India)'s board of directors at its meeting held yesterday, 3 August 2015, approved the proposed merger of its wholly-owned subsidiary Nook Micro Distribution with the company with effect from 1 April 2015, under a scheme of amalgamation, subject to necessary statutory and other approvals.

Redington is a supply chain solution providers worldwide to over 100 leading manufacturers of information technology, telecom, lifestyle and consumer electronics products.

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First Published: Aug 04 2015 | 9:40 AM IST

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