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Apple Rises as Supplier Confirms Expansion in India

Investing.com

Investing.com - Apple (NASDAQ:AAPL) rose on Monday after its supplier Salcomp confirmed it was taking over a facility in India to make mobile chargers.

Finland-based Salcomp will take over the factory formerly run by Nokia (HE:NOKIA) for 20 billion rupees ($278.67 million) and begin operations in March. Largely a supplier of chargers for Apple’s iPhones, it is part of Prime Minister Narendra Modi’s “Make in India” drive and could help the tech giant avoid fallout from the U.S.-China trade war.

Apple assembles its iPhone XR model and iPhone 7 model in parts of India already.

Shares of Apple (NASDAQ:AAPL) were up 1.3% in midday trade.

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