Redington shares jump 9% as iPhone 17 goes on sale
What's the story
The shares of Redington, a major Apple distributor in India, surged over 9% on September 19. The surge came as Apple's latest iPhone 17 series went on sale in the country. The stock hit an intraday high of ₹314.40 per share before settling at around ₹304.85 per share, up by about 6%.
Market response
Strong demand for iPhone 17 series
The iPhone 17 series has witnessed a strong demand in India, with customers queuing outside stores to get their hands on the new smartphones. The initial pre-bookings for the new series have surpassed last year's iPhone 16 launch, indicating a strong momentum as the festive season approaches. This surge is expected to make Apple's Diwali quarter one of its strongest yet, despite supply constraints for certain models.
Distributor impact
Redington's share performance
As a major Apple distributor in India since 2007, Redington has been directly impacted by the strong demand for iPhone 17. The company's shares have seen heavy trading volumes today, with nearly six crore shares changing hands, three times the stock's 10-day average volumes. After hitting a 52-week low of ₹158.61 per share in October last year, Redington shares have recovered around 98%.