HCL Infosystems stock closes 9.41% higher on deal to distribute Apple products in India

At 10:26 am, the stock was trading 13 percent higher at 48.70 level o the BSE. It surged up to 17 percent in early trade. The stock is down 15.48 percent or 8.9 points on an year-to-date basis. On an yearly basis, the stock is 16.83 percent. 

BusinessToday.In

Updated Aug 23, 2017 10:49 AM IST

HCL Infosystems stock closes 9.41% higher on deal to distribute Apple products in India

IT services management firm HCL Infosystems' stock rose in early trade on Tuesday after the firm said it has inked an agreement to distribute Apple products, including the iconic iPhone, in the Indian market.

At 10:26 am, the stock was trading 13 percent higher at 48.70 level o the BSE.

It surged up to 17 percent in early trade.

The stock closed 9.41 percent higher at Rs 47.10 on the BSE. The stock is down 17.91 percent or 10.3 points points on an year-to-date basis. On an yearly basis, it is down 16.98 percent.

The company said in July it was in discussions with the US-based tech giant to distribute its products in India. In a regulatory filing, HCL Infosystems said it has signed an agreement for "distribution of iPhone and other Apple products" with Apple India, a confirmation of which it receivedon Monday.

It had signed a non-disclosure agreement with Apple India on December 23, 2016 and had expressed interest in taking up distribution of Apple products in India. It is a strong player in the distribution space and has worked with brands like Lenovo, Motorola and Nokia among others. A partnership with HCL will also be beneficial to Apple as it will its enhance presence in more Indian cities.

HCL Infosystems is a distribution and information technology (IT) services and solutions company. The company's principal activities include cellular phones, and computers/micro processor-based systems. Its segments include hardware products and solutions, and distribution.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

Published on: Aug 22, 2017 4:08 PM IST

HCL Infosystems stock closes 9.41% higher on deal to distribute Apple products in India

At 10:26 am, the stock was trading 13 percent higher at 48.70 level o the BSE. It surged up to 17 percent in early trade. The stock is down 15.48 percent or 8.9 points on an year-to-date basis. On an yearly basis, the stock is 16.83 percent.

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HCL Infosystems stock closes 9.41% higher on deal to distribute Apple products in India

At 10:26 am, the stock was trading 13 percent higher at 48.70 level o the BSE. It surged up to 17 percent in early trade. The stock is down 15.48 percent or 8.9 points on an year-to-date basis. On an yearly basis, the stock is 16.83 percent.&nbsp;

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At 10:26 am, the stock was trading 13 percent higher at 48.70 level o the BSE. It surged up to 17 percent in early trade. The stock is down 15.48 percent or 8.9 points on an year-to-date basis. On an yearly basis, the stock is 16.83 percent.