Nifty aimed to open higher amid robust global cues, with Ola Electric in the spotlight

Summary: With a gain of 201 points, or 0.83 percent, Nifty futures on the Gift Nifty reached 24,346, indicating a possible break above the critical 24,300 barrier.

On Friday, the Indian equities market is expected to open strongly due to strong global cues. With a gain of 201 points, or 0.83 percent, Nifty futures on the Gift Nifty reached 24,346, suggesting a possible break above the critical 24,300 barrier.

Successful results in Asian markets are reinforcing strong sentiment. The increases were driven by the 3% increase in Japan's Nikkei and the 1% increase in South Korea's KOSPI. Hong Kong's Hang Seng and Australia's S&P/ASX 200 both saw advances of 1.61 percent and 1.35 percent, respectively. A more moderate 0.3% gain was observed on the Shanghai Composite.

Following a positive Wall Street session where major indices surged on the back of positive retail sales figures, there has been a spike in Asia. The Dow Jones Industrial Average closed at 40,563.06, up 554.67 points, or 1.39 percent. The Nasdaq Composite increased 401.90 points, or 2.34 percent, to 17,594.50, while the S&P 500 gained 88.01 points, or 1.61 percent, to close at 5,543.22. After declining by 0.2% in June, U.S. retail sales data for July showed an increase of 1.0%, reducing concerns about a possible recession.

At home, on Wednesday, domestic institutional investors (DIIs) purchased shares valued at Rs 2,236 crore, while foreign institutional investors (FIIs) sold shares valued at Rs 2,595 crore.

Earnings to focus on:

Ola Electric Mobility: From a loss of Rs 267 crore, Ola Electric's net loss increased to Rs 347 crore. Nonetheless, income increased by 32.3% to Rs 1,644 crore from Rs 1,243 crore, indicating a healthy trend.

Glenmark Pharmaceuticals: Glenmark Pharmaceuticals announced a nine-fold rise in earnings, from Rs 37.7 crore to Rs 340.2 crore, bolstered by robust operating figures and reduced financing and input expenses. From Rs 3,036 crore to Rs 3,244.2 crore, revenue increased by 6.9%.

SpiceJet Ltd: SpiceJet's sales dropped 14.7% to Rs 1,708.2 crore from Rs 2,003.6 crore, while its profit decreased 20% to Rs 158.2 crore from Rs 197.6 crore. The board approved a plan to fund up to Rs 3,000 crore through a qualified institutional placement, while other income increased dramatically.

Max India: Max India's revenue fell by 34.8% to Rs 26.5 crore from Rs 40.67 crore, while its loss nearly doubled to Rs 26.97 crore from Rs 12.2 crore. 

Pitti Engineering: Pitti Engineering had a 32.1 percent increase in revenue to Rs 382.8 crore from Rs 289.8 crore, and a 47.1% increase in profit to Rs 20.5 crore from Rs 13.97 crore.

Sakthi Sugars: Sakthi Sugars recorded a 5.5% increase in revenue to Rs 393.6 crore from Rs 373.2 crore, but a 30% decrease in profit to Rs 57.9 crore from Rs 82.5 crore.

Polyplex Corporation: With an 8% increase in revenue to Rs 1,685.6 crore from Rs 1,560.5 crore, Polyplex Corporation turned a profit of Rs 97.1 crore from a deficit of Rs 10.3 crore.

KNR Constructions: Profit for KNR Constructions increased by 24.6% to Rs 166 crore from Rs 133.2 crore, while sales increased by 0.4% to Rs 985 crore from Rs 981 crore.

Hinduja Global Solutions: After turning a profit of Rs 16.64 crore, Hinduja Global Solutions reported a loss of Rs 57 crore. The company's revenue decreased by 3.7% to Rs 1,091.9 crore from Rs 1,133.5 crore.

Stocks in Focus:

Tata Steel: T Steel Holdings Pte will remain a wholly owned subsidiary after the company paid Rs 1,528.24 crore for 115.92 crore ordinary equity shares of the business.

Power Mech Projects: Coastal Energen awarded the company an order for Rs 114.30 crore for the upkeep and management of the Mutiara Thermal Power Plant in Tamil Nadu.

Hindustan Zinc: Founder Vedanta is offering a 3.17 percent share via an offer-for-sale (OFS) from August 16–19, with a 1.22 percent base size and a 1.95 percent option to purchase an additional share. Each share has a floor price of ₹486.

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