Redington India surges on Reliance Mutual Fund buying

Redington (India) has surged 8% to Rs 105 on the BSE afterReliance Mutual Fund bought nearly 4% stake in commodity trading and distribution company for about Rs 160 crore through open market.

On November 10, Reliance Mutual Fund through its various schemes purchased 16.3 million shares representing 4% of the total equity of Redington (India) at an average price of Rs 97.50 per share, BSE bulk deal data shows Stock Market Tips

Meanwhile, Harrow Investment Holding Ltd, the promoters of Redington (India) has sold 20 million shares worth Rs 195 crore in the company.

Reliance Capital Trustee Company Ltd has acquired around 16.3 million shares in the company on behalf of various Reliance funds. The name of the other buyers not ascertained Free Share TIPS

As of September 30 2014, Harrow Investment Holding Ltd held 73.28 million or 18.34% stake in Redington (India), shareholding pattern data shows.

The stock opened at Rs 108 and touched a high of Rs 110 so far on the BSE. A combined around 1.27 million shares changed hands on the counter till 1044 hours on the BSE and NSE Nifty Trading Tips