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HCL Infosystems Gains 18% As Company Takes On Apple Products Distribution In India
The stock gained as much as 18% on the back of HCL Infosystems' tie up with Apple India for its distribution plans.
In the month of July, IT company said that it was in talks with the US based IT-giant for taking on its product distribution in the Indian subcontinent, which includes its iphone product as well. And in its filing to the exchange on Monday, the company reportedly said that it has signed an agreement with Apple India for selling its products including iPhones in India.
On December 23, 2016, the company had signed a non-disclosure agreement with Apple India while expressing its interest of selling and distributing its product line in the Indian subcontinent. Other than HCL Infosystems, Apple India has tie ups with other players including Redington, Rashi Peripherals, Beetel Teletech and Ingram Micro for carrying out the distribution work.
Soon after the development, the company opened the day in trade with positive sentiments and further upped nearly 18% to trade at Rs. 50.50 on the BSE.
At 2:05, the stock lost its early gains and was seen trading higher by 10.92% at Rs. 47.75 on the BSE.
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