On February 24, Redington India's shares opened 5% higher following a block deal in which 24.13% equity of the company worth Rs 3,200 crore changed hands.
As of 9:30 am, the stock was trading at Rs 176.30 per share on the NSE, which is higher by 2.44% after erasing some of its opening gains.
The stock is currently trading near its key exponential moving averages.
Shares of information technology solutions provider, Redington India, opened 5% higher on February 24th, following a block deal in which Synnex Mauritius likely sold 18 crore shares or 24.13% equity of the company, worth ₹3,200 crore.
At around 11:58 am, the stock was trading at ₹177.20 apiece on the NSE, up by 2.96 percent after erasing some of its opening gains. In August of last year, Synnex Mauritius had announced its intention to sell its stake in Redington (India) Limited.
In other news, Redington Ltd has reported a standalone net profit of ₹141.38 crore for the quarter ending December 31st, 2022.
This is an increase from the standalone net profit of ₹137.45 crore recorded during the same period last year.
Furthermore, the company's total income for the reporting quarter increased to ₹9,448.40 crore as compared to ₹7,098.23 crore during the same period last year.
In Q3FY23, our focus on digital transformation, combined with our core strengths in innovation, technology, and partnerships, enabled us to fast-track our progress by removing redundancies that impede customers' adoption of technology," claims the company's managing director.
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