Shares of Redington, the official re-seller of Apple products in India, surged as much as 6.14% to hit an intraday high of ₹264.20 on the National Stock Exchange (NSE) on Thursday, June 18, after various media reports suggested that Apple is planning to raise prices of its products amid rising cost of memory chips.
On the BSE, Redington shares advanced as much as 6.16% amid spike in trading activity.
Apple's CEO Tim Cook told The Wall Street Journal that price increases are unavoidable as the situation around memory chips has become unsustainable.
Cook, however, did not mention when the prices will be raised or on which products the price hike will be undertaken.
Meanwhile, Redington shares were witnessing very high trading activity. As many as 4.12 lakh shares changed hands on the BSE compared with an average of 2.1 lakh shares traded daily in the past two weeks.
Redington Q4 earnings
Redington last month reported global revenue of ₹33,269 crore in fourth quarter of previous financial year, marking an increase of 25% from the same period last year. Its net profit for the quarter excluding exceptional items stood at ₹467 crore and net profit margin at 1.4%.
For FY26, Redington delivered revenue of ₹1,19,347 crore, representing year-on-year growth of 20% and net profit margin stood at 1.3%.
"The quarter reflected strong performance across Redington's core business, particularly in India, where revenue grew 50% and Net Profit grew 41%. Growth was fuelled by increased demand in the PC business, large enterprise deals, premiumisation in mobility, and continued momentum in cloud and cybersecurity. The Middle East and Africa markets also sustained growth momentum, particularly through cloud and cybersecurity-led offerings, despite geopolitical uncertainties during the quarter," Redington said in a press release last month.
As of 10:32 am, Redington shares traded 3.13% higher at ₹256.70, outperforming the NIFTY Smallcap 100 index which was up 0.7%.