Redington shares surge most in over four years on strong demand for Apple iPhone17

Shares of Redington, the official reseller and distributor of Apple products like iPhone, iPad and Macs in India, rose as much as 20% to hit an intraday high of ₹289.50 on the National Stock Exchange (NSE). The stock staged its best single day move in over four years on the back of heavier than usual trading volumes amid strong demand for newly launched iPhone 17.

Last time the stock moved up by 20% was on May 28, 2021, data from BSE showed.

Redington shares came under strong buying interest after reports suggested that Apple's newly launched iPhone 17 and iPhone Pro Max 17 were witnessing strong demand in Indian markets.

Apple's iPhone Pro Max 17 in cosmic orange has witnessed a considerable surge in demand, and it has gone out of stock within three days after pre-booking went live for pickup of the devices at the company's official stores in the US and India, as per information shared by company staff, news agency PTI reported.

In India, the entire iPhone Pro Max series is not available for pre-order with pick-up option at Apple stores, according to information sourced from the Apple India website.

Apple unveiled the iPhone 17 series in the price range of ₹82,900 to ₹2,29,900, which will be available in India starting from September 19 onwards for customers who have pre-booked the device.

Consumers interested in purchasing 'out of stock' devices can continue to book, but the devices will be delivered to them at their address after October 7.

In the US, the iPhone 17 series is priced between $799 and $1,999 apiece.

Taiwanese electronics giant Foxconn is the biggest producer of iPhones, with manufacturing facilities located in China and India.

Meanwhile, Redington shares were witnessing heavier than usual trading volumes on Tuesday, September 16. Trading volume in Redington shares spiked by a whopping 85 times. As many as 9.15 crore shares changed hands on the National Stock Exchange compared with an average trading volume of 10.75 lakh shares.

On the BSE, over 75 lakh shares changed hands compared with an average of 63,000 shares traded daily in the past two weeks.

As of 2:06 pm, Redington shares traded 18% higher at ₹285.50, outperforming the BSE 500 index which was up 0.45%.