Redington locked at 20% upper circuit
At 2:50 pm, Redington was locked at 20% upper circuit. It has touched an intraday high of Rs 195.05 and an intraday low of Rs 168.80. The share was quoting at Rs 195.05, up Rs 32.50.
There were pending buy orders of 26,784 shares, with no sellers available.
Redington India has reported good growth in its FY09 numbers. Its net sales were up by 16% at Rs 12,668 crore as against Rs 10,870 crore.
The company’s net profit went up 17% to Rs 160 crore from Rs 136 crore and operating profit margin (OPM) improved to 2.5% versus 2.3%.
It is an IT trading company, so margins are in single digits. Its 50% revenues came from international markets, which has seen a 29% growth in the quarter while revenues from India grew by 5.4%.
It was trading with volumes of 131,130 shares, compared to its five-day average of 41,656 shares, an increase of 214.79%.
Yesterday the share closed down 1.22% or Rs 2 at Rs 162.55.