​Shares of Polaris Consulting & Services fell from intra-day high. Know why

Shares of Polaris Consulting & Services Ltd. fell from intra-day high after the midsized software developer reported a modest fall in quarterly profit on the back of higher staff costs.

Polaris said its first quarter Net Profit fell 9 percent to 38 crore rupees compared with 41.8 crore rupees in the same quarter a year ago. Sales during April-June rose 4 percent to 495.8 crore rupees from 474.6 crore rupees in the year ago period.

Polaris fell 2.45 rupees, or 1.2 percent, to 209.25 rupees on the National Stock Exchange, where 19.4 lakh shares were traded by 2:36 pm compared with the 5-day average of 9.30 lakh shares.

Polaris' market capitalisation has remained flat at 2081 crore rupees over the past one year.

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