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Inflation may impact Bank Nifty, bank stocks
Bank shares and Bank Nifty may come under pressure on Wednesday, as headline inflation surged sharply. India’s consumer price inflation accelerated to a two-month high of 7.96 per cent in July, driven by surging prices of vegetables, fruit and milk, government data showed on Tuesday. Analysts were expecting inflation to be 7.5 per cent. They now fear the possibility of a rate cut to be very low this fiscal, as RBI is committed to anchoring inflation.
Weak numbers likely to trip Tata Power
Shares of Tata Power will react on Wednesday to its financial numbers that were announced after market hours on Tuesday. The company reported a loss of ₹111 crore for the April-June quarter on consolidated basis, as against Street expectations of a net profit. The company clarified that for April-June, it had not accounted for compensatory tariff from the Mundra ultra mega power plant, while analysts thought that would drive profits for Tata Power.
Neuland Lab turns ex-rights today
Shares of Neuland Laboratories will turn ex-rights from Wednesday. The company has proposed an issue of 12.25 lakh shares on rights basis to its existing shareholders at an issue price of ₹204 a share. The rights entitlement ratio was fixed at 4:25, which means four shares for every 25 shares held by the shareholders as on the record date, which is Thursday. Those who buy the stock from Wednesday will not be eligible to subscribe for the rights issue.
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