HCL Infosystems soars 7% even as Apple decides to end agreement
Both the companies had entered into a distribution tie up last year July.
By ETMarkets.com |
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NEW DELHI: Shares of HCL Infosystems surged over 7 per cent in Thursday's trade even as the company informed stock exchanges that its agreement for distribution of iPhone and other Apple Products will end on March 30, 2019, and will not be renewed by Apple India.
The scrip climbed 7.4 per cent to hit a high of Rs 38.45 on BSE.
HCL did not cite the reason behind the termination of the distribution contract in its filing. ET had earlier reported that Apple was rejigging its distribution structure in India.
Both the companies had entered into a distribution tie up last year July. At present, Apple has five distributors in India – Brightstar, HCL Infosystems, Ingram Micro, Rashi Peripherals and Redington.
The scrip climbed 7.4 per cent to hit a high of Rs 38.45 on BSE.
HCL did not cite the reason behind the termination of the distribution contract in its filing. ET had earlier reported that Apple was rejigging its distribution structure in India.
Both the companies had entered into a distribution tie up last year July. At present, Apple has five distributors in India – Brightstar, HCL Infosystems, Ingram Micro, Rashi Peripherals and Redington.
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