Crypto exchange Coinbase faces US SEC probe over cryptocurrency listings

Ever since the platform expanded the number of tokens in which it offers trading, the SEC's scrutiny of Coinbase has increased.

In its complaint, SEC said that crypto tokens AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, and KROM are unregistered securities.

Crypto trading platform Coinbase Global Inc is facing a US Securities and Exchange Commission (SEC) investigation on if it improperly let Americans trade digital assets that should have been registered as securities, Bloomberg News reported on 26 July.

According to details, the SEC's is looking into an alleged insider trading scheme that was revealed last week.

Earlier last week, US prosecutors in Manhattan charged a former product manager at Coinbase and two others with wire fraud in thefirst insider trading case involving cryptocurrency, added the report.

10 Best New Cryptos on Coinbase to be Announced in 2022

Ever since the platform expanded the number of tokens in which it offers trading, the SEC's scrutiny of Coinbase has increased

The SEC on 21 July had alleged that the that cryptocurrency exchange Coinbase listed nine crypto asset securities. In its complaint, SEC said that crypto tokens AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX, and KROM are unregistered securities.

Meanwhile, Coinbase had disputed the SEC’s allegations. "Coinbase does not list securities on its platform. End of story,"Bitcoin.com quoted Coinbase's chief legal officer Paul Grewal as saying.

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Wipro shares trade near 52-week low after disappointing Q1. What brokerages recommend?

Shares of Wipro Ltd plunged more than 2% in Thursday's opening deals

Shares of Wipro Ltd plunged more than 2% in Thursday's opening deals, trading near its 52-week low level after the company missed analyst estimates for June-quarter profit on Wednesday, as higher employee-related costs pushed up the information technology servicesfirm's overall expenses.

The Indian IT company’s net profit for the June quarter declined 20.7% to ₹2,563 crore from ₹3,232 crore in the year-ago period. The revenue for the June quarter grew 19% annually to ₹21,529 crore on the back of a strong demand environment for cloud, digital engineering, and cyber security services.

Wipro forecast higher revenue growth from IT services on the back of a strong project pipeline, and said margins likely bottomed out after higher expenses dented June-quarter profit.

“Wipro's 1QFY23 results missed estimates, with the 200bps QoQ margin decline being the key disappointment. Deal TCV at US$1.1bn, strong net hiring, and healthy 2Q guidance of 3-5% QoQcc were encouraging. We lower our estimates by 1-6% and expect Wipro to deliver a 6% EPS CAGR in FY22-25. Weak EPS growth, a high risk of cuts to consensus estimates, and heavy reliance on acquisitions should weigh on the stock," said analysts at Jefferies while maintaining underperform rating on Wipro shares with a target price of ₹360.

Wipro's expenses during the first quarter ended June 2022, which includes employee cost, jumped almost 23% to ₹18,647.5 crore, with attrition rate at 23.3%. The operating margin in the IT services segment decreased by 200 basis points to 15% quarter-on-quarter.

“We cut FY23/FY24/FY25 EPS estimates by 6.5%/1.8%/2.8%, considering the Q1 miss. Management commentary remains fairly confident on revenue acceleration ahead. However, it shied away from giving any timeline on the margin returning to the mediumterm target range of 17-17.5%, which remains an irritant," said another brokerage Emkay. It has maintained Buy tag on the IT stock with a revised target price of ₹490 (from ₹500 earlier).

Indian top IT services companies' June-quarter earnings started on a weak note, with TCS and HCL Technologies also missing their first-quarter profit estimates. Infosys is yet to announce its Q1 earnings.

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Manappuram Finance trades higher on planning to raise funds through various options

Manappuram Finance is currently trading at Rs. 159.60, up by 0.60 points or 0.38% from its previous closing of Rs. 159.00 on the BSE.

The scrip opened at Rs. 160.00 and has touched a high and low of Rs. 161.15 and Rs. 158.00 respectively. So far 96957 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 194.60 on 29-Jan-2020 and a 52 week low of Rs. 75.60 on 19-Mar-2020.

Last one week high and low of the scrip stood at Rs. 163.70 and Rs. 156.75 respectively. The current market cap of the company is Rs. 13370.69 crore.

The promoters holding in the company stood at 35.04%, while Institutions and Non-Institutions held 48.22% and 16.74% respectively.

Manappuram Finance is considering various options for raising funds through borrowings including by the way of issuance of various debt securities in onshore / offshore securities market by Public Issue, Private Placement Basis and Commercial Papers. Based on the prevailing market conditions, Financial Resources and Management Committee / Debenture Committee of the Board of Directors of the Company may consider and approve issuances of Debt Securities during the month of September, 2020, subject to such terms and conditions including the issue price of debt securities, as the respective committee may deem fit.

Manappuram Finance is a non-deposit taking NBFC and having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.

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Hindustan Unilever shines on reporting 23% rise in Q2 consolidated net profit

Hindustan Unilever is currently trading at Rs. 2040.00, up by 25.30 points or 1.26% from its previous closing of Rs. 2014.70 on the BSE.

The scrip opened at Rs. 2052.00 and has touched a high and low of Rs. 2052.90 and Rs. 2028.10 respectively. So far 30615 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 2101.50 on 23-Sep-2019 and a 52 week low of Rs. 1500.40 on 15-Oct-2018.

Last one week high and low of the scrip stood at Rs. 2052.90 and Rs. 1936.50 respectively. The current market cap of the company is Rs. 436144.69 crore.

The promoters holding in the company stood at 67.18%, while Institutions and Non-Institutions held 19.07% and 13.74% respectively.

Hindustan Unilever has reported a 21.18% rise in its net profit at Rs 1,848 crore for the quarter ended September 30, 2019, under review as compared to Rs 1,525 crore for the same quarter in the previous year. The total income of the company increased by 5.17% at Rs 10,032 crore for Q2FY20 as compared to Rs 9,539 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a rise of 23.42% in its net profit at Rs 1,818 crore for the quarter ended September 30, 2019, under review as compared to Rs 1,473 crore for the same quarter in the previous year. The total income of the company increased by 5.14% at Rs 10,223 crore for Q2FY20 as compared to Rs 9,723 crore for the corresponding quarter previous year.

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EQUITY CALLS SUMMARY OR CLOSING BELL BY IDEAL STOCK INVESTMENT ADVISORY

IDEAL CLOSING BUZZ :- 

NIFTY DOWN (-139.25) @11174.75 

BANK NIFTY DOWN (-682.25) @27731.85 

SENSEX DOWN (-433.56) @37673.31 

USDINR, CMP @71.0300 (+0.1450)

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RESEARCH 1 TODAY CALLS UPDATE:-

CASH BASIC – TOTAL GIVEN CALLS – 03

RBL BANK - COST TO COST

SIEMENS – STOP LOSS TRIGGER

SUN PHARMA – 1st TGT HIT

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GLENMARK – STOP LOSS TRIGGER

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RESEARCH 2 TODAY CALLS UPDATE:-

FUTURE IDEAL – TOTAL GIVEN CALLS – 01

TVS MOTOR – STOP LOSS TRIGGER

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INDEX FUTURE & OPTION – TOTAL GIVEN CALLS – 02

NIFTY – COST TO COST

BANKNIFTY 28500 PE (10–OCT) – FINAL TGT HIT

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