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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सेंसेक्स 308 पॉइंट की बढ़त के साथ 54069 पर खुला, निफ्टी 16150 के पार; IT शेयर्स में तेजी

 हफ्ते के पहले कारोबारी दिन सोमवार भारतीय शेयर मार्केट के निफ्टी और सेंसेक्स बढ़त के साथ खुले। सेंसेक्स 308.52 की बढ़त के साथ 54069 पर और निफ्टी 102 पॉइंट की बढ़त के साथ 16151 पर खुला। निफ्टी बैंक और मिडकैप 100 में भी बढ़त देखने को मिल रही है। निफ्टी पर इंफोसिस, हिंडाल्को इंडस्ट्रीज, एलएंडटी, टेक महिंद्रा और बजाज फिनसर्व टॉप गेनर्स रहे, जबकि HDFC, HDFC बैंक, एमएंडएम और ब्रिटानिया इंडस्ट्रीज टॉप लूजर्स रहे।निफ्टी IT और मेटल में 1% से ज्यादा की बढ़त है। वहीं बैंक, FMCG और रियल्टी में 0.50% तक की बढ़त है!!!

सेंसेक्स 30 में 27 में बढ़त।

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शेयर मार्केट में तेजी:सेंसेक्स 300 अंक चढ़ा, निफ्टी 16000 के पार, भारती एयरटेल और SBI टॉप गेनर्स

 मिले-जुले ग्लोबल संकेतों के बीच घरेलू शेयर बाजार में खरीदारी देखने को मिल रही है। आज के कारोबार में सेंसेक्स और निफ्टी दोनों इंडेक्स में तेजी नजर आ रही है। सेंसेक्स 300 अंकों से ज्यादा मजबूत हुआ। जबकि निफ्टी भी 16000 के पार निकल गया है। आज बाजार में चौतरफा खरीदारी देखने को मिल रही है।

आज के कारोबार में निफ्टी पर बैंक और फाइनेंशियल इंडेक्स में 0.50% से ज्यादा तेजी नजर आ रही है। IT और रियल्टी इंडेक्स में भी 0.50% से ज्यादा मजबूती है। फाइनेंशियल, मेटल, फार्मा सहित अन्य इंडेक्स भी बढ़त में दिख रहे हैं। फिलहाल सेंसेक्स में 316 अंकों की तेजी दिख रही है और यह 53733 के लेवल पर ट्रेड कर रहा है। जबकि निफ्टी 87 अंक बढ़कर 16025 के लेवल पर दिख रहा है। आज के टॉप गेनर्स में HUL, एयरटेल, LT, एशियन पेंट्स, इंडसइंड बैंक, इंफोसिस, टाइटन और टेक महिंद्रा शामिल हैं।

HCL टेक का जून तिमाही में प्रॉफिट 2.4% बढ़कर 3,283 करोड़ रु. पर पहुंचा, राजस्व में 17% की बढ़ोतरी

 एचसीएल टेक्नोलॉजीज ने मंगलवार को जून तिमाही के नतीजे घोषित किए। HCL का इस तिमाही में कंसोलिडेटेड नेट प्रॉफिट सालाना आधार पर 2.4% बढ़कर 3,283 करोड़ रुपए पर पहुंच गया। पिछले साल की समान तिमाही में ये 3,205 करोड़ रुपए था। इस तिमाही के लिए राजस्व 16.92% बढ़कर 23,464 करोड़ रुपए हो गया, जो पिछले साल की समान तिमाही में 20,068 करोड़ रुपए था।

RBI ने ओला फाइनेंशियल सर्विसेज पर 1.67 करोड़ का जुर्माना लगाया

भारतीय रिजर्व बैंक (RBI) ने मंगलवार को ओला फाइनेंशियल सर्विसेज प्राइवेट लिमिटेड पर 1.67 करोड़ रुपए का मौद्रिक जुर्माना लगाया है। प्रीपेड पेमेंट इंस्ट्रूमेंट (PPI) पर मास्टर निर्देशों के कुछ प्रावधानों का पालन न करने पर ये जुर्माना लगाया गया है।

RBI ने कहा, 'यह देखा गया कि ओला KYC रिक्वायरमेंट पर RBI के जारी निर्देशों का अनुपालन नहीं कर रही थी। इसलिए ओला को नोटिस जारी किया गया था। नोटिस में कहा गया था कि वह कारण बताए कि निर्देशों का पालन न करने के लिए जुर्माना क्यों नहीं लगाया जाना चाहिए। ओला के रिस्पॉन्स पर विचार करने के बाद RBI ने मॉनिटरी पेनल्टी लगाने का फैसला लिया गया।'

IIP ग्रोथ मई में बढ़कर 19.6% पर पहुंची

इंडेक्स ऑफ इंडस्ट्रियल प्रोडक्शन (IIP) के अनुसार, भारत की इंडस्ट्रियल ग्रोथ मई में बढ़कर 19.6% हो गई, जो अप्रैल में 7.1% थी। 19.6% की इंडस्ट्रियल ग्रोथ एक साल में सबसे ज्यादा है। हालांकि इसे फेवरेबल बेस इफेक्ट की मदद मिली है। मई 2021 में IIP ग्रोथ 27.6% थी।

सेंसेक्स 508 अंक लुढ़ककर 53,886 पर बंद हुआ

आज के कारोबार में सेंसेक्स और निफ्टी दोनों इंडेक्स कमजोर होकर बंद हुए। सेंसेक्स 508.62 अंक यानी 0.94% की गिरावट के साथ 53,886.61 पर बंद हुआ। वहीं अगर निफ्टी की बात करें तो ये 157.70 अंक यानी 0.97% लुढ़ककर 16,058.30 पर बंद हुआ है । आज इंफोसिस, नेस्ले इंडिया, HCL टेक और हिंदुस्तान यूनिलीवर टॉप लूजर रहे। इससे पहले सोमवार को भी शेयर बाजार में गिरावट देखने को मिली थी

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TCS Q1 Results, UN on Sri Lanka crisis, Asian stocks rise and more

Shares advanced in Japan, South Korea and Australia

Ahead of market opening read top business news, equity market precursors, and economic and banking news updates from India and across the world for 8 July, 2022

 Stocks in Asia caught a modest tailwind Friday from a US rally sparked by hopes that policy makers can get inflation under control without causing a global economic downturn. Shares advanced in Japan, South Korea and Australia.US equity futures edged down after the best Wall Street session in two weeks swept along everything from speculative investments to technology titans.

  TCS Q1 Results today: Key things to watch

Tata Consultancy Service (TCS) is set to announce its financial performance for the quarter ending June 2022 (Q1FY23) today. Ahead of quarterly earnings, TCS shares witnessed buying sentiment on Thursday. In the first quarter of the current fiscal, TCS is expected to garner double-growth in the top-line front on a year-on-year basis due to strong deal execution. Also, rupee depreciation is seen to boost revenue. TCS may post constant currency revenue growth in the range of 2.5-4.5% sequentially. However, a salary wage hike is likely to impact margins.

Stocks in Asia caught a modest tailwind Friday from a US rally sparked by hopes that policy makers can get inflation under control without causing a global economic downturn.

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Trading dries up on India crypto exchanges, Sebi shifts focus to monitoring AIFs and more

 Three exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax deductible at source became effective on July 1, data from CoinGecko show. A fourth, Giottus, saw trading sink 70%, its chief executive said.

Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. 

Those steep declines came from already depressed trading levels, as a combination of plunging prices, unfavorable tax treatment and difficulty getting cash onto exchanges combined to depress the once-hot market. 

Binance-backed WazirX, for example, did $3.8 million worth of trading on July 2, the day after the tax known by the acronym TDS took effect, CoinGecko data show. In early July last year, it would have taken less than two hours of trading to reach that mark. (Crypto exchanges trade 24 hours a day, seven days a week). 

While long-term crypto holders are still buying and selling, market makers and high-frequency traders are “gone," said WazirX Vice President Rajagopal Menon.Traders are also doing more peer-to-peer trading and migrating to so-called decentralized exchanges, he said. 

The government introduced a tax regime for digital assets in February, consisting of the TDS and a flat 30% tax on income from crypto investments. It also banned offsetting of losses on such assets, treating them differently from stocks and bonds. this story has been published from a wire agency feed without modifications to the text.

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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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