{"id":26545,"date":"2023-02-24T08:11:09","date_gmt":"2023-02-24T08:11:09","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/redington-india-gains-after-huge-block-deal-synnex-mauritius-likely-seller"},"modified":"2023-02-24T09:01:20","modified_gmt":"2023-02-24T09:01:20","slug":"redington-india-gains-after-huge-block-deal-synnex-mauritius-likely-seller","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/redington-india-gains-after-huge-block-deal-synnex-mauritius-likely-seller","title":{"rendered":"Redington India gains after huge block deal; Synnex Mauritius likely seller"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Redington India shares opened 5 percent higher on February 24 after 24.13 percent equity of the company worth Rs 3,200 crore changed hands in a block deal window.<\/p>\n

At 9:30 am, the stock was quoting at Rs 176.30 apiece on the NSE, higher by 2.44 percent after erasing some of its opening gains. The stock is trading near its key exponential moving averages.<\/p>\n

In August 2022, Synnex Mauritius had said it would sell its stake in Redington India. As of December shareholding pattern, it was the biggest shareholder in the company with 24.13 percent stake.<\/p>\n

HDFC Trustee Company Limited has 9.06 percent stake in the company and Tata Mutual Fund has 2.35 percent. Redington is a provider of technology products and services.<\/p>\n

This includes personal computers, laptops, tablets, notebooks, smartphones, desktops, printers and more. It is the largest distributor of Apple and IT products in India.<\/p>\n

In Q3, it registered a standalone net profit of Rs 141.38 crore against Rs 137.45 crore clocked during the corresponding period of last year. Total income for the quarter grew to Rs 9,448.40 crore from Rs 7,098.23 crore registered last year.<\/p>\n

As per Bloomberg data, the stock has eight buy calls and zero sell or hold calls. The consensus 12-month target price is Rs 220 apiece. The stock is currently at a price-to-earnings ratio of 9.6x with 23.7 percent return on equity. Since hitting a 52-week low of Rs 109.40 in June 2022, the stock has rallied over 60 percent.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Redington India shares opened 5 percent higher on February 24 after 24.13 percent equity of the company worth Rs 3,200 crore changed hands in a block deal window. At 9:30 am, the stock was quoting at Rs 176.30 apiece on the NSE, higher by 2.44 percent after erasing some of its opening […]<\/p>\n","protected":false},"author":84,"featured_media":26544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,245,241],"class_list":["post-26545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-mauritius","tag-mauritius"],"yoast_head":"\nRedington India gains after huge block deal; Synnex Mauritius likely seller - Mauritius<\/title>\n<meta name=\"description\" content=\"Redington India shares opened 5 percent higher on February 24 after 24.13 percent equity of the company worth Rs 3,200 c ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/redington-india-gains-after-huge-block-deal-synnex-mauritius-likely-seller\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redington India gains after huge block deal; 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