India's Redington rises on PT hike by Investec
BUZZ-India's Redington rises on PT hike by Investec ** Shares of IT goods distributor Redington REDI.NS up at 1.7% to 369 rupees
** Investec raised PT on REDI to 400 rupees from 350 rupees earlier, retained "buy" rating
** Q1 revenue from the Singapore, India & South Asia (SISA) region, which contributes 60% of its total revenue, remains robust with 63% growth - Investec
** Redington's long-term outperformance versus Ingram Micro India has reinforced its market leadership, brokerage added
** Investec expects slower SISA growth due to rising selling prices, but a recovery in the region outside SISA and expansion into new mobility geographies could support growth
** Stock has been above its 50-day, 100-day, 200-day simple moving avgs since July, indicating bullish sentiment - data compiled by LSEG
** YTD, REDI up ~35%
(Reporting by Anuran Sadhu in Bengaluru)
((Anuran.Sadhu@thomsonreuters.com; +91 8697274436;))
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