The stock had rallied over 6 percent on BSE on Thursday as the trading volume jumped over 2 times to 9.13 lakh.
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Rallying for a second straight day, shares of Redington Ltd., which is the country’s largest reseller of Apple products, hit a 52-week high in morning trade on Friday.
The stock opened higher at Rs 177.50 and later hit its 52-week peak of Rs 182.90 due to heavy demand from investors after analysts recommended a ‘buy’ for the company.
Trading volume soared around 1.35 times as 6.79 lakh shares changed hands on the BSE. On the NSE, the stock hit its 52-week peak of Rs 183 as 76 lakh shares were traded on the exchange.
Technical analyst Mehul Kothari recently recommended the Buy call on Redington (India) with a price target of Rs 210.
Redington reported a 26 percent jump in consolidated profit to Rs 387 crore in the September quarter from Rs 307.2 crore in the same period a year ago.
Its revenue soared by 25 percent, which was its best-ever revenue growth for the first half period. Apple remains the company’s largest vendor, contributing to 27 percent of its revenue.
Of its total revenue, 74 percent was from the IT segment while mobility contributed 25 percent of the revenue. Singapore, India, and South Asia contributed 48 percent of the revenue.
The Redington stock is currently trading at Rs 178.60, up 1.36 percent.
(Edited by : Rukmani Krishna)