HCL Infosystems up 18% boosted by plans to distribute Apple products
22 Aug 2017
Shares of HCL Infosystems surged 18 per cent in morning trade today after the company said it has entered into a distribution agreement for Apple products, including the iPhone and iPad, in India.
The stock, which opened higher, further jumped 17.3 per cent to Rs50.50 on the BSE. On NSE, the HCL stock soared 18 per cent to Rs50.65.
In a regulatory filing on Monday, HCL Infosystems said it has signed an agreement for ''distribution of iPhone and other Apple products'' with Apple India.
The company had in July said it was in discussions with the US-based tech giant to distribute its products in India. HCL said it has now received a confirmation of an agreement.
HCL Infosystems had signed a non-disclosure agreement with Apple India on 23 December 2016 and had expressed interest in taking up distribution of Apple products in India.
HCL has been in the distribution business in India and has worked with brands like Lenovo, Motorola and Nokia among others.
Apple currently has distribution tie-ups with companies like Ingram Micro, Redington, Rashi Peripherals and Beetel Teletech in India.
A partnership with HCL will be beneficial to Apple as it will enhance its presence in more Indian cities.
At 11.15 am, the shares of HCL Infosystems were up 12.70 per cent at Rs48.35.