Shares of Redington Ltd. experienced a significant surge on Thursday, climbing nearly 6 percent to reach a fresh record high. This robust market performance follows Apple's highly anticipated 'Surprise and Shine' event on September 9, where the tech giant unveiled its latest lineup of iPhones, including the innovative iPhone Duo, iPhone 18 Pro, and iPhone 18 Pro Max.
Redington's stock jumped 5.55 percent on the BSE, hitting an all-time high of Rs 398.80 per share. At the last check, shares were trading 3.32 percent higher at Rs 390.60, marking an impressive gain of 50.64 percent over the past six months.
Redington's Strategic Role in Apple's Ecosystem
As an authorized distributor of Apple products across India, the Middle East, and Africa (MEA), Redington plays a crucial role in Apple's supply chain. Apple's diverse range of products constitutes a significant portion of Redington's mobility business, making the launch of new devices a key driver for its financial outlook.
Apple's Latest Innovations Unveiled
The 'Surprise and Shine' event showcased several new products beyond the iPhone series. Apple introduced its first foldable smartphone, the iPhone Duo, alongside the premium iPhone 18 Pro and iPhone 18 Pro Max. Additionally, the company launched the Apple Watch Series 12, Apple Watch Ultra 4, and AirPods 5, further expanding its ecosystem.
India Market Specifics
For the Indian market, pre-orders for the new iPhone models are set to commence at 5:30 PM IST on September 12, with sales scheduled to begin on September 18. Interestingly, Apple also announced price increases for some of its older iPhone models in India, including the iPhone 17, iPhone 17e, and iPhone Air.
While Redington's shares soared, Apple's own stock ended marginally lower after the product launch event, indicating a nuanced market reaction to the announcements globally.