Share price of this mid-cap stock and a leading technology solutions provider, moved up by nearly 4.65 percent on BSE to Rs. 225.8 in the trading session of Friday, compared to its previous closing price of Rs. 215.75, after entering into a partnership with Zoho.
With a market capitalisation of Rs. 17,441.4 crores, at 02:43 p.m. the shares of Redington Limited were trading in the green at Rs. 223.15, up by 3.36 percent.
The company has delivered positive returns of about 31.3 percent in the last one year and nearly 43.8 percent in the last six months. However, so far in 2024, it has given negative returns of around 27.5 percent.
According to recent regulatory filings with the stock exchanges, Redington Limited entered into a strategic partnership with Zoho Corporation, a leading global technology company.
This alliance aims to provide Zoho’s industry-leading cloud solutions for office productivity, team collaboration, and customer engagement to a larger customer base in India by using Redington’s extensive network of partners.
Redington will use its wide distribution network to offer a variety of Zoho solutions, including Zoho Workplace, Bigin by Zoho CRM, and Zoho ZeptoMail to businesses of all sizes.
These solutions are designed to improve operations, boost productivity, and drive growth across diverse industries.
Zoho Corporation is one of the world’s most prolific technology companies and is headquartered in Chennai. The company has over 55 apps in nearly every major business category, from customer experience and employee experience to enterprise collaboration, custom solutions, and business intelligence.
In terms of financials, the company’s revenue from operations grew by 5.8 percent from Rs. 22,220 crore in Q2 FY23-24 to Rs. 23,505 crore in Q3 FY23-24.
The net profit of the company also increased by 11.53 percent to Rs. 348 crore in Q3 FY23-24 from Rs. 312 crore in Q2 FY23-24.
Redington Limited is an integrated technology solutions provider and a Fortune 500 company, that enables businesses in their digital transformation journeys by addressing technology friction – the gap between innovation and adoption.
Written by Shivani Singh
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