Buzzing Stocks: Coforge, Zee Entertainment, JK Tyre and others that will be in focus today
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Crypto exchanges go down across the world
Cryptocurrency exchange outages were reported not just in India but globally following a crash in crypto assets including bitcoin and ethereum on May 19.
Exchanges gave a mix of reasons for outages after angry users and traders reported difficulty in trading their digital assets. Voyager, a crypto asset broker in the US, said that exchange outages were due to market volatility and connectivity issues. The Voyager app went into a temporary maintenance mode.
Bitcoin’s price fell over 30 percent on May 19, significantly reducing the market value as a bearish sentiment took over the market. The downward surge took the price of Bitcoin below $31,000. The biggest cryptocurrency by market value had once recorded an all-time high of $64,829.14, according to CoinDesk.
Cipla launches ViraGen a polymerase chain reaction test:
Cipla today announced the commercialisation of a polymerase chain reaction (RT-PCR) test kit ‘ViraGen’ for COVID-19 in India, in partnership with Ubio Biotechnology Systems Pvt. Ltd.
ViraGen is Cipla’s third offering in the Covid-19 testing segment. Cipla already has partnerships for antibody detection kit and antigen test kits.
Cipla was quoting at Rs 914.45, up Rs 10.50, or 1.16 percent on the BSE.
Sebi imposes Rs 5.25 crore fine on Cairn India
Markets regulator Sebi on Wednesday imposed a penalty of Rs 5.25 crore on Cairn India for making a misleading announcement regarding the buyback of shares in 2014.
In addition, the regulator levied a fine of Rs 15 lakh each on P Elango, who was the CEO and director of Cairn, Aman Mehta, who was the director on the company’s board, and Neerja Sharma, who was director (risk assurance) and company secretary, Sebi said in an order.
Nifty Metal index shed 2 percent dragged by the Hindalco Industries, Jindal Steel, Tata Steel
Centre hikes fertilizer subsidy
The union government has decided to increase the fertilizer subsidy outlay for the year by Rs 14,775 crore, after a meeting chaired by Prime Minister Narendra Modi on the prices of fertilizers, an official statement said on May 19.
This will take the fertilizer subsidy outlay for 2021-22 to Rs 94,305 crore from a budgeted outlay of Rs 79,530 crore.
Fitch Upgrades Tata Steel:
Fitch Ratings has upgraded India’s Tata Steel Limited’s (TSL) Issuer Default Rating (IDR) to ‘BB’, from ‘BB-‘. The outlook is stable.
The agency has also upgraded the rating on the USD 1 billion notes due July 2024, issued by TSL’s subsidiary, ABJA Investment Co. Pte. Ltd., and guaranteed by TSL, to ‘BB’, from ‘BB-‘, and has assigned a Recovery Rating of ‘RR4’.
Tata Steel was quoting at Rs 1,117.75, down Rs 46.55, or 4.00 percent on the BSE.
Gainers and Losers on the BSE Sensex:
Market Opens: Indian indices opened on positive note on May 20 amid weak global cues
At 09:16 IST, the Sensex was up 159.12 points or 0.32% at 50061.76, and the Nifty was up 30.50 points or 0.20% at 15060.70. About 1133 shares have advanced, 304 shares declined, and 64 shares are unchanged.
Trade Spotlight: What Should Investors Do With Relaxo Footwear, Praj Industries & Prince Pipes?
Here’s what Ruchit Jain of Angel Broking recommends investors should do with these stocks when the market resumes trading today:
ICICI Direct:
Indian markets are likely to see a flattish opening tracking weak global cues amid rising concerns about inflation raising fears on tightening easy monetary policies may be considered sometime soon. However, global news flows and sector specific development will be key monitorables. US markets ended lower amid inflation concerns and selloff in cryptocurrencies.
