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HCL Infosystems Shares Soar 18%. Here Is An Apple Connection

HCL Infosystems is a IT services, solutions and distribution company, which currently distributes products of global brands like Intel, AMD, Microsoft, Oracle, IBM and Dell.
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HCL Infosystems is a IT services, solutions and distribution company.
HCL Infosystems is a IT services, solutions and distribution company.

HCL Infosystems shares surged as much as 18 per cent on Tuesday to an intraday high of Rs 50.65 after the Noida-based company said that it has signed distributor agreement with Apple India Private Ltd, the Indian subsidiary of Apple Inc of USA, for distribution of iPhones and other Apple products. Analysts say distribution of Apple products is likely to boost the bottomline of HCL Infosystems.

HCL Infosystem had said in July that 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.

HCL Infosystems is a IT services, solutions and distribution company, which currently distributes products of global brands like Intel, AMD, Microsoft, Oracle, IBM and Dell. In the last fiscal it had reported a loss of Rs 254 crore on revenues of 3,879 crore and for the three months ending June 30, 2017 it had a loss of Rs 55 crore on revenues of Rs 714 crore.

Sares of HCL Infosystems closed 9.40 per cent higher at Rs 47.10 compared to Monday's close of Rs 42.90.



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