off-the-wire

BUZZ-Apple distributor's Redington slides on Q3 profit fall

Kitco Media
By Reuters
Published:
Updated:
Reuters

** Shares of Apple products distributor in India Redington Ltd. down 3.64% to 176 rupees - biggest pct loss in about a week


** Co sees lowest level since Jan. 30
** Shares trade below 50-day moving average, but above 100-day
** More than 1.78 mln shares traded as of 10:52 a.m. IST, vs 30-day moving avg of 2.45 mln shares


** Co's Q3 consolidated net profit fell to 3.80 bln rupees ($46.45 million) from 3.88 bln rupees a yr earlier
** Consolidated revenue from operations rose 30.6% y/y to 216.74 bln rupees


** All 7 analysts covering the company rate it as "buy" or higher, indicating bullish mood; median PT is 215 rupees


** Stock rose 24.82% in 2022 in fourth straight year of annual gains ($1 = 81.8030 Indian rupees) (Reporting by Hritam Mukherjee in Bengaluru)

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