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

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.

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.

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)

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.