Coal India, NTPC, Adani Enterprises, and Other Stocks To Watch On August 9

As investors became more cautious ahead of the MPC meeting of the RBI and the US inflation data, which is scheduled to be released later this week, Indian market benchmark indexes closed the day in the negative on Tuesday. The local markets were also negatively impacted by ongoing outflows of foreign investment and the poor markets in Asia and Europe.

To settle at 65,846.50, the BSE Sensex dropped 106.98 points, or 0.16 percent. The NSE Nifty ended the day at 19,570.85 after losing 26.45 points, or 0.13 percent.

As they wait for the release of critical economic data, investors are acting cautiously on the global front, despite dropping bond rates. Concerns on the international market have also been exacerbated by the large decline in Chinese exports. In the domestic market, FIIs continue to be sellers, although strong purchases by DIIs are reducing downside risks. According to Vinod Nair, Head of Research at Geojit Financial Services, PSU banks and pharmaceutical companies increased somewhat while mid- and small-cap stocks continued to beat the benchmark, demonstrating their resiliency.

 

The Reserve Bank of India’s policy decision will have a big impact on market sentiment in the near future. Additionally, given their current pattern of selling over the last several days, Foreign Institutional Investments (FIIs) flow continues to be a crucial element, according to Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.

 

The best stocks to watch on August 9 are:

 

India Coal

 

In comparison to the same quarter last year, Coal India Limited recorded a 10% YoY decrease in net profit, coming in at Rs 7,941 crore instead of Rs 8,834 crore. The reporting period saw a little increase in net sales, reaching Rs 32,497.9 crore. According to Coal India, its other operational revenue climbed 12.1% to Rs 2,910.5 crore from Rs 2,594 crore during the same period the year before.

 

NTPC

 

A floating solar project with an 80 MW capacity has been awarded to NTPC Renewable Energy Limited (NTPC REL) at the Omkareshwar reservoir in Khandwa, Madhya Pradesh. “On August 8, 2023, Rewa Ultra Mega Solar Limited (RUMSL), the joint venture company of Solar Energy Corporation of India (SECI), and MP Urja Vikas Nigam Ltd. conducted the bidding. The energy produced by the project will be utilized by MP state DISCOMs, and the found tariff is $3.80/kWh, according to a statement from the business.

 

Hotels by Oberoi

 

The parent business of Oberoi Hotels revealed that during the first quarter of the fiscal year, its consolidated net profit increased by 61% to Rs 106 crore. Operational revenue increased by 26.7% to Rs 522.6 crore from Rs 412.33 crore in the first quarter of 2016. Operating profit at EIH increased 53.1% to Rs 180 crore during the period under review.

 

Tata Energy

 

In order to put two pumped hydro storage projects totaling Rs 13,000 crore into operation, the business has partnered with the Maharashtra government. With a combined capacity of 2,800 megawatts, the two projects will assist the state in reaching its objective of having a $1 trillion economy by 2028. The two facilities would be situated in Bhivpuri, Raigad (1000 MW) and Shirvata, Pune (1800 MW). More than 6,000 people will be employed as a result of the initiatives.

 

Adani Corporation

 

The Adani Group’s flagship firm is looking into the possibility of selling its stake in the joint venture it has with Wilmar International Ltd. that produces consumer goods and is listed on the Mumbai Stock Exchange. According to a MoneyControl report, the action attempts to free up money that may be used for essential corporate activities. The firm has been considering the sale of its 44% holding in Adani Wilmar Ltd. over the last several months.