Apple India distributor Redington rises on higher wallet share

Redington

23/05/2019 06:22

** Redington India's  REDI.NS  shares are up 8.8% at 101
rupees, their biggest percentage gain since April 30
    ** India business is likely to grow more than overseas,
primarily led by benefits from higher wallet share from its
largest vendor - Investec Securities
    ** Apple Inc  AAPL.O  cut the number of distributors in the
country to two from five last year, sticking with Redington and
Ingram Micro 
    ** Redington Q4 revenue is up 6%, while revenue from India
business is up 24%
    ** India business margins are 100 bps higher than elsewhere,
implies higher EBITDA vs rev growth - Investec
    ** The stock is up 4.7% this year, as of last close

 (Reporting by Nivedita Bhattacharjee)
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