HCL Infosystem surges on termination of distribution deal with Apple India

Continuing its upward streak, HCL Infosystems gained more than 3 per cent in early morning trading session on Thursday. The company informed that its distribution agreement with iPhone maker Apple will be terminated in March 2019.

HCL Infosystems closed up by more than 4 per cent on Wednesday. The company announced that its distribution agreement for iPhones and other Apple product will end by March 2019. No reasons were cited for the same.

The company posted a net loss to Rs. 241 crore for Q4FY18, compared to Rs. 124.11 crore loss for Q3FY18. On a full year basis, the company's consolidated net loss more than tripled to Rs. 813.76 crore in FY18 from Rs. 247.67 crore in FY17.

However, total income increased by over 50 per cent to Rs. 1,108.9 crore in Q4FY18 compared to Rs 738.5 crore Q4FY17. The company's distribution business segment registered a revenue of Rs. 908 crore in Q4FY18.

Earlier, the company in January, HCL Infosystems had decided to sell its after-sales service business to Quess Corp for Rs. 30 crore.

Meanwhile, at 10:04 the stock of HCL Infosystems was trading at Rs. 36.50 per share, up 1.96 per cent, while another listed distributor of Apple products in the country, Redington India was trading at Rs. 119.90 per share, up by 4.40 per cent on Thursday.