HCL Info gains 9.5% on plan to distribute Apple products

In July, it said it was in discussions with US-based tech giant to distribute its products in India

Shares of HCL Infosystems on Tuesday 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.

At NSE, shares of the company surged 9.55 per cent to close at Rs 47. The company's market valuation rose by Rs 91.33 crore to Rs 1,050.33 crore.

In terms of equity volume, 1.86 million shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

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

In a regulatory filing yesterday, HCL Infosystems 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 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.