Shares of Infosys, the country's second largest software services exporter, rose as much as 5.1 percent to Rs 1,384.40 in intra-day trade on Monday.

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At 11.30 AM, Infosys share was trading at Rs 1,354.05, rising by 3.43 percent or Rs 44.95 on the BSE.

The information technology company reported about 4 percent rise in June-quarter profit on Friday, but missed estimates due to a one-off charge related to fair value reduction of its Panaya unit.

The company has retained its FY revenue guidance and announced a bonus issue of equity shares and stock dividend of American depository shares in a 1:1 ratio.

CLSA has retained "buy" rating with unchanged price target.

In a note CLSA analysts wrote, "While performance has been slightly underwhelming, improving deal momentum, client mining and rising digital success are indicators that positive change is underway.”

Morgan Stanley has retained "overweight" rating, raising target price to Rs 1,450 from Rs 1,360.

Morgan Stanley analysts wrote that the company's revenue growth was marginally lower than expected, but margin was in line.

Highlights were positive commentary on demand outlook, continued trajectory in large deal wins, and possible return of growth in the US banking vertical, added Morgan Stanley.

Jefferies expect recovery in growth for Infosys over FY19-21 helped by stability in management and renewed focus on execution, especially around winning large digital deals.

It retains “buy” rating, raises target price to Rs 1,485 from Rs 1,340.