Business

Infosys Shares Rise 6% To Hit Record High At Rs 1,384.40 Per Share

JAVED SAIFI | 0
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| July 16 , 2018 , 17:49 IST

Infosys, a global leader in next-generation digital services, shares rose by nearly 5.7 percent on Monday on Bombay Stock Exchange to hit a one-year record high at Rs 1,384.40 per share. Though Infosys's earnings were lower-than-expected for the quarter ended on 30 June.

Infosys is one of the second largest software services exporter company in the country and posted a low rise in net profits at 3.17 percent rise for the quarter ended June 2018.

The profits of the company grew by 2.11 percent to Rs 3,612 crore from the previous year Rs 3,483 crore. The revenue from operations for the first quarter rose by 12 percent to Rs 19,128 crore and in terms of dollar revenue increased by 0.92 percent to $2,831 million.

Also Read: Salil Parekh Takes Charge As New Infosys CEO And Managing Director

Earnings before interest and tax rise by 1.5 percent to Rs 4,537 crore but margin contracted 100 basis points to 23.7 percent for the quarter ending June.

The same 5 percent growth was recorded on the National Stock Exchange (NSE). The surge in share price came after the company announced a bonus share issue.

Infosys earnings in comparison to Tata Consultancy Services are a bit low for the first quarter.

Mumbai-based Tata Consultancy Services reported a 4.1 percent sequential constant currency growth at 25 percent operating margins with 44 percent more business than Infosys in the first quarter.