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HCL Infosystems up 17% post distribution agreement with Apple India

The stock surges 17% to Rs 50.50 on BSE in early morning trade on back of heavy volumes.

SI Reporter  |  Mumbai 

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

surged 17% to Rs 50.50 on BSE in early morning trade after the company on Monday said it will distribute products, including the iconic iPhone, in the Indian market.

“The Distributor Agreement for distribution of iPhone and other Products has been signed with M/s India Private Limited (M/s Apple),” said in a statement.

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

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

The stock hit a 52-week high of Rs 65 on January 25, 2017 in intra-day trade.

At 09:30 am; it was up 14% at Rs 49.05, as compared to 0.48% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 4.36 million shares changed hands on the BSE and NSE so far.

First Published: Tue, August 22 2017. 09:33 IST