Stocks

HCL Info rallies on distribution agreement with Apple

PTI New Delhi | Updated on January 09, 2018

Shares of HCL Infosystems today ended with 9.5 per cent gains after the company said it will distribute Apple products, including the iPhone, in the Indian market.

The stock soared 9.41 per cent to settle at Rs 47.10 on BSE. During the day, it jumped 17.30 per cent to Rs 50.50. On the NSE, shares of the company surged 9.55 per cent to close at Rs 47.

The company’s market valuation rose Rs 91.33 crore to Rs 1,050.33 crore.

In terms of equity volume, 18.64 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE during the day.

The company had said in July that it was in discussions with the US-based tech giant to distribute its products in India.

In a regulatory filing yesterday, HCL Infosystems had said it has signed an agreement for “distribution of iPhone and other Apple products” with Apple India.

It had signed a non-disclosure agreement with Apple India on December 23, 2016 and expressed interest in taking up the distribution of Apple products in the country.

Currently, Apple has distribution tie-ups with companies like Ingram Micro, Redington, Rashi Peripherals and Beetel Teletech in India.

Published on August 22, 2017

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