HCL Infosystems up 9% on plans to distribute Apple products in India

Shares of HCL Infosystems surged over 9 per cent on Tuesday after the company said it will distribute Apple products, including the iPhone, in the Indian market.

The stock after making a positive opening further jumped 17.3 per cent to Rs 50.50 in the morning trade. It eventually closed the session at Rs 47.10, up 9.41 per cent on BSE.

The company 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.