HCL Info surges 17%; company clarifies on reports of tying up with Apple

STOCK MARKET - HCL Infosystems surged 17% to Rs 54.90 on the BSE on the back of heavy volumes after the company said that it is in various stages of discussion with multiple original equipment manufacturers (OEMS) for distribution arrangement of their products.

“As part of the overall strategy, the company keeps evaluating various strategies from time to time to create value for shareholders. In line with the same, the company had decided to move from Single brand to Multi brand distribution model in our Consumer Distribution business,” HCL Infosystems said in a regulatory filing after BSE sought clarification from the company on the news report stating Apple is likely to tie up with HCL Info for greater presence.

"As a result of the change in our strategy, we have been in various stages of discussion with multiple OEMS for distribution arrangement of their products," it added.

As and when any definitive agreement is signed by the company with any of the OEMs that result in material impact on the business, HCL Infosystems said.

The trading volumes on the counter jumped by more than 10-fold with a combined 22.05 million shares changed hands on the NSE and BSE till 01:50 pm.