Indian company stock soared as soon as the iPhone 17 sale began; What’s the connection?

As soon as the iPhone 17 went on sale in India on September 19th, Redington Limited shares jumped more than 9 percent, reaching ₹314.40 per share.

New Delhi: The iPhone 17 sale has begun in India, and there's a tremendous craze among people for this Apple mobile phone. Notably, as soon as the iPhone 17 sale began, a stock of an Indian company saw a sharp rise. As soon as the iPhone 17 went on sale in India on September 19th, Redington Limited shares jumped more than 9 percent, reaching ₹314.40 per share.

Redington Limited shares opened at ₹288.15 on September 19th and reached a high of ₹314.40. During the intraday period, the shares surged 9 percent and are now trading at ₹304.

What's the connection between Redington Limited and the iPhone 17?
The surge in Redington Limited shares, coupled with iPhone 17 sales, is due to a specific reason. Redington Limited is a major distributor of Apple products in India. The company began distributing Apple products in India in 2007, so the strong demand for the iPhone 17 has increased investor interest in the stock.

A 20% upper circuit was also hit on September 16th.
Notably, Redington Limited shares also saw a significant surge on September 16th, closing with a 20% gain that day. On September 19th, Redington's share price also surged with high trading volume. So far, 70 million shares of the company have been actively traded. This is nearly three times the stock's 10-day average volume. Redington Limited's 52-week high is ₹334.80, while its one-year low was ₹158.61.

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