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Lenovo To Buy Majority Stakes In HCL Infosystems?
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Reportedly, shares in HCL Infosystems were trading up 16.3 percent at 0605 GMT.
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Tuesday, August 28, 2012:
The Financial Chronicle newspaper had reported that Lenovo plans to buy a 50.1 percent controlling stake in the Indian company for around 5 billion rupees. As soon as the report went viral, shares of HCL Infosystems surged over 15 percent.
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The newspaper report cited senior officials familiar with the development, who on condition of anonymity told Financial Chronicle: “HCL Infosystems will be the strategic development and sales partner for Lenovo and will support the company with its development teams in India.” In addition to this report, Ashutosh Bhattacharya, corporate communications, HCL Infosystems told Reuters through an SMS that the company would make a statement later.
Reportedly, shares in HCL Infosystems were trading up 16.3 percent at 0605 GMT. While Lenovo shares went down 0.5 percent. As for the quarter that ended 30 June, HCL Infosystems reported consolidated profit of 20 million rupees compared with 115 million rupees a year earlier. Sales for the quarter rose to 27.2 billion rupees from 26.2 billion rupees.
Vishal Tripathi, principal research analyst, Gartner commented, “In case Lenovo decides to buy the factory of HCL Infosystems it would make Lenovo’s supply chain process more efficient and improve the delivery time. It would help them in becoming more competitive from pricing stand point given the supply chain efficiencies that they would gain and provide the breadth to fulfill future orders more swiftly.”
HCL Infosystems deal with a wide range of notebooks and desktop computers, servers, computer peripherals like keyboards, mouse, computer monitors and gaming consoles.
Kalpana Sharma, EFYTIMES News Network
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