Redington shares surge 16%, report biggest single-day gain since March 2021

Shares of Redington Ltd. gained as much as 15.9% on Tuesday, September 16, reporting its biggest single-day gain since March 2021.

As many as 7 crore shares changed hands around 12:30 PM in trade compared to its 20-day average of 8.7 lakh shares. Redington's volumes are the highest since February 2023, when 19 crore shares had changed hands in a single session.

As many as 85.6 lakh shares or 1.1% of the total outstanding equity of Redington worth ₹239 crore has changed hands in multiple block deals so far. Buyers and sellers in the transaction are not known yet.

The Redington stock on Tuesday also broke above the 50 and 200 day moving average. The 100-DMA is at ₹272 per share.

Redington reported its first quarter earnings in July. Its net profit increased 12% to ₹275 crore in the June quarter compared to ₹246 crore in the previous year.

The company's revenue was up 22% at ₹25,952 crore, while its earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 8% to ₹401 crore.

However, its margin contracted to 1.6% from 1.7% in the year-ago period.

Redington shares gained 15.9% to hit an intraday high of ₹279.69 apiece on Tuesday. The stock was trading 15.5% up at ₹278.85 apiece around 12.25 pm. The stock has risen 39.9% this year, so far, marking its best annual performance so far since 021, when the stock had more than doubled in value, rising 120%.

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