Infosys shares soar 6% after Q1 earnings

Team Udayavani, Jul 17, 2018, 12:25 PM IST

New Delhi: Shares of Infosys rose by nearly 6 per cent to hit its one-year high level today 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 per cent to Rs 1,384.40 – its 52-week high – on BSE.

On NSE, shares of the company surged 5 per cent 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 per cent 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 per cent to Rs 19,128 crore as the firm maintained earnings guidance for the fiscal year ending March 2019 at 6-8 per cent in constant currency terms.