Redington (India) shares jumped as much as nine percent on Thursday, a day after the IT product distribution company posted a strong quarterly performance. Redington's profit for the April-June period jumped 36.5 percent to Rs 326.3 crore compared with the corresponding period a year ago, led by a strong operating performance as well as revenue growth growth.
The company's revenue increased 25 percent on a year-on-year basis to Rs 16,803 crore for the quarter ended June.
At 11:39 am, the Redington India stock was up almost seven percent at Rs 136.8 apiece on BSE.
Redtington shares currently quote higher than their five-, 20- and 50-day moving averages, but lower than 100- and 200-day levels.
The stock has fallen 16.5 percent in the past one year, sharply underperforming the 30-scrip index, which rose 6.8 percent.
Investor participation in the stock has slowed down as the delivery volume of 8.69 lakh shares seen on August 3 has fallen by almost 28 lakh shares against a five-day average delivery volume, according to marketsmojo.com.
