Redington (India) rose 6.74% to Rs 104.50 at 12:50 IST on BSE after Reliance mutual fund bought 1.63 crore shares, or 4.07% equity, of the company through bulk deals on BSE on Monday, 10 November 2014.
Meanwhile, the BSE Sensex was up 4.77 points, or 0.02%, to 27,879.50.
On BSE, so far 3.90 lakh shares were traded in the counter, compared with an average volume of 5.30 lakh shares in the past one quarter.
The stock hit a high of Rs 109.95 and a low of Rs 103.50 so far during the day. The stock hit a record high of Rs 120 on 3 September 2014. The stock hit a 52-week low of Rs 59.25 on 13 November 2013.
The stock had underperformed the market over the past one month till 10 November 2014, rising 4.82% compared with 6% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 3.49% as against Sensex's 10.05% rise.
The mid-cap company has an equity capital of Rs 79.92 crore. Face value per share is Rs 2.
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Out of the total, Reliance Regular Saving FD-EQ option acquired 26 lakh shares, Reliance Growth Fund acquired 60 lakh shares, Reliance Long Term Equity Fund acquired 49 lakh shares and Reliance Small-Cap Fund acquired 28 lakh shares. Shares were acquired at Rs 97.50 each.
Shares were acquired from Harrow Investment Holding, which sold 2 crore shares of Redington (India) at Rs 97.55 each.
On a consolidated basis, net profit of Redington India rose 12.99% to Rs 85.95 crore on 16.23% rise in net sales to Rs 7757.78 crore in Q2 September 2014 over Q2 September 2013.
Redington (India) is one amongst the top supply chain solution providers worldwide to over 100 leading manufacturers of Information Technology, Telecom, Lifestyle and Consumer Electronics Products. With a market penetration of more than 24 countries, supported by a distribution network of more than 33,000 channel partners and facilitated by Automated Distribution Centres, Redington is firmly positioned as a leading supply chain solutions provider in the world.
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