Apple products distributor Redington (India) rises on strong Q3 results

Redington

09/02/2021 06:17

** Shares of the Indian distributor of Apple  AAPL.O 
products  REDI.NS  rise as much as 9.4% to 169.90 rupees, their
highest since Feb. 2, 2018
    ** REDI on Monday posted a 21.2% rise in December-quarter
consol. net profit to 1.89 bln rupees ($25.93 mln)  urn:newsml:reuters.com:*:nFWN2KE0PV
    ** REDI's December-quarter profit was helped by 14.9% rise
in consol. revenue from operations, as India distribution
business revenue jumped 45%, offsetting a 2% revenue decline in
overseas business
    ** Revenue from distribution of Apple products comprised 41%
of REDI's total December-quarter revenue   
    ** Nearly 1.2 mln shares traded, 2.6 times their 30-day
moving avg of about 453,000 shares
    ** REDI stock pares some gains, last up 4.2% as of 0605 GMT 
    ** Stock rose 12.2% in 2020

($1 = 72.8750 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))