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

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

Press Trust of India, New Delhi | ByPress Trust of India
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.

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)
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.

Hindustan Times - your fastest source for breaking news! Read now.

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.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On