Stock Market

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

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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. The stock’s stellar performance on Wednesday stood out as it has a history of performing poorly after new product launches. Since Apple launched its first iPhone on June 29, 2007, the scrip has given a solid return at a compounded annual growth rate (CAGR) of 24.6 per cent. However, the stock has the history of subdued performance following new launches.

The last time the tech giant came up with its new offering -- iPhone XS, iPhone XS Max and iPhone XR -- on September 12, 2018, the scrip fell 1.21 per cent in a day. Before that the launch of iPhoneX on September 12, 2017 saw the scrip slip 0.40 per cent to settle at $160.86 (Rs 10,300) on Nasdaq. Apple launched iPhone 7 on September 7, 2016.

That day, the stock rose a mere 0.6 per cent to $108.36 only to give up the gains and fall 2.62 per cent and 2.26 per cent in the subsequent two sessions. On September 9, 2015 the Cupertino, California-based tech giant launched iPhone 6S and the stock greeted it by sliding 1.92 per cent to $110.15. The Steve Jobs-founded company launched iPhone 6 on September 9, 2014, when the stock rose 0.38 per cent.

On September 10, 2013, when the company unveiled two models – 5S and 5C – the stock took a beating and fell 2.28 per cent to $494.63, as the new product failed to enthuse investors. Before that on September 12, 2012, when Apple launched iPhone 5, the stock gained for six consecutive sessions.

But a month later, it traded 6 per cent lower at $630. Year 2011 was another exception when iPhone 4S was unveiled and the stock rose 7.44 per cent in the one month that followed. In June 2010, the unveiling of iPhone 4 sent the Apple stock crashing over three consecutive sessions (from the day of announcement).

It managed to rise 3 per cent in the one month that followed.




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Category: Stock Market


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