iPhone 11 gives Apple a valuation half of Indian market’s total m-cap

NEW DELHI: iPhone 11 induced a rally in the shares of Cupertino-based Apple on Wednesday, helping the stock to reclaim the $1 trillion mark in market value (or roughly Rs 72,00,000 crore).

The stock climbed 3.18 per cent on Nasdaq in overnight trade to close at $223.59 apiece. A $31.16 billion or Rs 2.28 lakh crore jump in its market value for the day was higher than the total market capitalization of Wipro (Rs 1.5 lakh crore) and HCL Technologies (Rs 1.43 lakh crore).

Apple’s market value today is half the total market capitalisation of all securities listed on the Indian exchanges!

Apple unveiled three new models – iPhone 11, iPhone 11 Pro and iPhone Pro Max – which boasted of a more advanced processor and a better camera system compared with the one in iPhone XR.