Apple Inc.'s strong sales of its smartphones in China last year have paved the way for the iPhone 6 and other new product releases of the company to get even higher profits in the country. This was according to an analyst's estimates as reported on Times of India.

The reports added that there were 15 brokerages that increased their targeted price on the stock after the sales of the iPhones in China took home record high result. Brokerages had raised prices from $60 to as high as $700, according to the report.

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The shares of Apple have also increased during the premarket trading on Thursday by 8.5 percent, valued at $569.49. The leap of Apple in the market's opening showed the best day for the tech company in the last two years. Jim Cramer of CNBC News said that this was the quarter wherein Apple took the leadership from Samsung. He also added that a year ago, people said that Apple's launch in China would be a wrong move. However, this was disputed after the leap of market prices had shown that making iPhones available in China was a right choice.

The sales of Apple in the first two months of 2014 lead the mobile phone industry market share by 58.7 percent while Samsung takes the second spot with 26.4 percent in the same period. Meanwhile, Coolpad was ranked third with 9.4 percent market share. Sony, Huawei and K-Touch trailed behind with a combined 4.5 percent share in the market during the same period. The market record was according to Sino Market Research Ltd on 4G handsets in China.

RBC Capital Markets analyst, Amit Daryanani, said in a note that the share buyback plan of Apple, a larger dividend for shareholders, at the launch of a bigger iPhone 6 and other new Apple products would increase the stock price of the company.

Apple Inc. said in a report that its sales for the quarter ending last March 29, has reaped a hefty 43.7 million iPhones sold. The number has overthrown the 38 million iPhones sold prediction coming from Wall Street, said a Times of India report. The revenue for iPhone sales coming from China has also increased by 13 percent while the sales in Japan went up by 26 percent.

The report went on saying that Apple has approved a share buyback plan valued at $30 billion which wouldn't close until the end of 2015. The iPhone maker also allowed a seven-for-one stock split which is rarely done by companies in the industry. The move was after Apple wanted to widen the appeal of its stock to individual financiers, added a report from Times of India.

Apple product enthusiasts have been predicting another new product that would emerge from the company's labs in Cupertino. Tech fans say that new products would be released by the second half of 2014.

TagsApple Inc.