India's Redington slides on quarterly profit drop

Redington

02/08/2023 05:16

** Shares of India's Redington  REDI.NS  down as much as
5.49% at 173.15 rupees - lowest since June 1
    ** The IT products distributor posted 21% profit drop on
mounting expenses while revenue rose 26% 
    ** Co shares hovering around 50-day and 100-day simple
moving averages 
    ** More than 1.27 mln shares changed hands by 9:40 a.m. IST,
 0.8X 30-day avg 
    ** Five out of 6 analysts rate the stock "buy" or higher, 1
suggest "hold"; median TP 207.5 rupees - Refinitiv IBES data 
    ** Including session's losses, stock has fallen more than 2%
so far this year 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))