Redington India shares unlocked 5% higher on February 24 after 24.13% equity of the corporation worth Rs 3,200 crore altered hands in a block deal opening.

At 9:30 am, the stock was mentioned at Rs 176.30 per share on the NSE, higher by 2.44% after removing some of its opening gains. The stock is trading adjacent to its essential exponential moving norms.

In August 2022, Synnex Mauritius alleged it would sell its post in Redington, India. As of December’s shareholding configuration, it was the leading shareholder in the company with a 24.13% stake. HDFC Trustee Company Limited has a 9.06% stake in the corporation, and Tata Mutual Fund has 2.35%.

Redington is a supplier of technology merchandise and services. This comprises personal computers (PCs), laptops, desktops, tablets, smartphones, notebooks, printers, and more. It is the principal distributor of Apple and IT goods in India.

In Q3, it recorded an unconnected net profit of Rs 141.38 crore against Rs 137.45 crore clocked during the conforming period of last year. The aggregate quarterly income produced Rs 9,448.40 crore from Rs 7,098.23 crore recorded in the previous year.

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 per share. The stock is currently at a price-to-earnings ratio of 9.6x with a 23.7% return on equity.

Since hitting a 52-week low of Rs 109.40 in June 2022, the stock has rallied more than 60%.