Infosys shares soar 6% even as company reported lower-than-expected Q1 results

Updated on Jul 16, 2018 01:24 PM IST

On the NSE, shares of the company surged 5% to hit a one-year high of Rs 1,384.40. The stock was the biggest gainer among the blue chips on both indices during morning trade.

Indian CEO and managing director of Infosys Salil Parekh adjusts his tie while addressing a press conference held to announce the company's first quarter results in Bangalore.(AFP Photo)
Indian CEO and managing director of Infosys Salil Parekh adjusts his tie while addressing a press conference held to announce the company's first quarter results in Bangalore.(AFP Photo)
Press Trust of India, New Delhi | ByPress Trust of India

Shares of Infosys rose by nearly 6% to hit its one-year high level on Monday even as the company posted a lower-than-expected earnings for the quarter ended on June 30, 2018.

The stock, after a positive opening, further gained 5.75% to Rs 1,384.40 -- its 52-week high -- on BSE.

On the NSE, shares of the company surged 5% to hit a one-year high of Rs 1,384.40. The stock was the biggest gainer among the blue chips on both indices during morning trade.

Sanjeev Zarbade ,Vice President – Research, Kotak Securities said, Infosys results missed the street estimates.

The country’s second-biggest software services exporter, on Friday posted a lower-than-expected 3.7% rise in net profit for the quarter ended on June 30, 2018, due to a one-off charge related to fair value reduction of up-for-sale Panaya business.

The consolidated net profit in April-June at Rs 3,612 crore, or Rs 16.62 a share, was higher than Rs 3,483 crore, or Rs 15.24 a share, net earnings in the same period of the previous fiscal.

Revenue rose 12% to Rs 19,128 crore as the firm maintained earnings guidance for the fiscal year ending March 2019 at 6-8% in constant currency terms.

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