Ahead of new iPhone launch, Apple distributors' shares rise

Ahead of the launch of Apple's new iPhone, the stocks of iPhone's authorised distributors HCL Infosystems and Redington India rose in early trade on Tuesday.

The HCL Infosystems stock rose over 3.5 per cent to hit an intra-day high of 53.35 on the BSE.

Also read: Apple, Samsung, Nokia, Google to launch high-end smartphones this month

Chennai-based Redington (India) too rose nearly 3 per cent to hit an intra-day high of 166 level ahead of the iPhone launch.

In August 2017, HCL Infosystems inked an agreement to distribute Apple products, including the iconic iPhone, in the Indian market.

Today, world's most popular company Apple is expected to unveil three iPhones will be called iPhone 8, iPhone 8 Plus and iPhone X, according to a report by 9to5Mac.

Also read: Apple iPhone X launch: How Steve Jobs' iPhone evolved into iPhone 7 Plus

Numerous leaks suggest have suggested Apple would launch two updated iPhones and one anniversary edition device.

HCL Infosystems is a distribution and information technology (IT) services and solutions company. The company's principal activities include cellular phones, and computers/micro processor-based systems.

Its segments include hardware products and solutions, and distribution.

Redington (India) is an India-based company, which operates in the information technology product distribution business, supply chain solutions and after sales services of information technology products.

The company and its subsidiaries operate in India, the Middle East, Turkey, Africa and South Asia countries.

The company's segments include Distribution and Services. The services segment includes logistics and support services.

Its geographical segments include India and overseas. The company has approximately 90 sales locations, 100 owned service centers and 280 partner service centers across India.