Shares of Infosys ended nearly 2 per cent higher on Monday even as the company posted lower-than-expected earnings for the quarter ended on June 30, 2018.
Trimming most of its early gains, shares of the IT major settled at Rs 1,333.05, up 1.83 per cent on the BSE. Intra-day, it surged 5.75 per cent to Rs 1,384.40.
On the NSE, shares of the company rose by 1.41 per cent to end at Rs 1,336.
The company’s market valuation went up by Rs 5,231.06 crore to Rs 2,91,155.06 crore.
In terms of equity volume, 9.59 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE during the day.
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.