The National Company Law Appellate Tribunal (NCLAT) on Thursday expressed its displeasure over the crisis-hit IL&FS and the government's delay in filing the progress report on the resolution process of the group companies

"In spite of our order dated 12th July 2019 no 'Progress Report' has been filed by Union of India or IL&FS. They are allowed to file the 'Progress Report' by tomorrow (Friday)," said the NCLAT order.

The bench headed by NCLAT Chairperson S.J. Mukhopadhaya further asked the government to settle the claims of all the creditors of the Moradabad-Bareilly Expressway Ltd, the Jharkhand Road Projects Implementation Company, and the West Gujarat Expressway Ltd as per signed 'Term Sheet', before the next hearing on September 5. 

"The Union of India or IL&FS should also give notice to all the financial creditors of rest of the 10 'Amber' entities and take preliminary step by taking their consent in the manner it was followed in the cases of aforesaid three amber entities," it said.

Further, by the next hearing the government and IL&FS would also have to intimate the steps which they intend to take with regard to all the 82 red entities, the bench said.

The new board at IL&FS had classified the IL&FS group companies into three categories -- 'green', 'amber', and 'red' -- on the basis of their ability to service debt obligations to secured and unsecured creditors. Firms classified as "green" would continue to meet their payment obligations, while "amber" category firms can meet only operational payment obligations to secured financial creditors.

Those under the "red" category are the entities which cannot meet their payment obligations at all.

The bench further said that it would be open to the government and ILFS to call for meeting of the lenders and if necessary, the matter can be taken up on day-to-day basis to ensure that the total process with regard to all the amber entities, particularly the aforesaid three companies which IL&FS has decided to reclassify as green entities, is concluded on an early date. 

"They will keep it in mind that already 300 days approx. have completed since the Interim Order was passed on 15th October 2018," the order said. The appellate tribunal directed the government and IL&FS to file a fresh progress report by September 3.

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The loan book is expected to grow by 17 percent YoY with healthy all-round growth across the segment.

Axis Bank, India's fourth-largest private sector lender by market capitalisation, is expected to report healthy numbers for June quarter (Q1) on July 30. The earnings result will be closely watched by the Dalal Street especially after its closest peer ICICI Bank reported better-than-expected earnings on all fronts.

Most brokerages expect more than two-fold increase in its Q1FY20 profit on lower provisioning and stable operational income YoY. They also expect double-digit growth in NII and the loan book, compared to year-ago, with stable asset quality.

"Traction in advances is seen improving 15 percent YoY led by a focus on high yielding retail and MSME loans. A decline in G-Sec yield is expected to aid trading income leading to a positive impact on PAT. PAT is seen at Rs 1,725 crore on the back of stable operational performance and lower provisions," ICICI direct said.

The lender had reported a profit of Rs 701.1 crore in the corresponding quarter of the previous year and Rs 1,505.1 crore in Q4FY19.

According to Narnolia Securities, the loan book is expected to grow by 17 percent YoY with healthy all-round growth across the segment.

Earlier, the management said it expected the domestic loan book to grow 5-7 percent above the industry level while the international book is expected to stabilise in the next two quarters.

The retail segment is likely to be driven by home loan and unsecured loan book, Narnolia said, adding that the bank's strategy on retail assets continues to centre existing customer base. 83 percent of retail assets originations in Q4 were from existing customers.

On the asset quality front, ICICI direct said with no material exposure towards IL&FS, ADAG group, DHFL, etc. slippages are seen lower leading to lower credit cost of 46 bps, and asset quality is expected to largely remain stable with GNPA ratio at 5.2 percent.

The bank is also expected to report double-digit growth in non-interest income (other income), as well as in operating income, which will also boost profitability.

"Other income is expected to grow by 20 percent YoY driven by healthy fee income and treasury profit during the quarter. Corporate fee income is also expected to pick up going ahead," said Narnolia which expects pre-provision operating profit growth at 16 percent YoY.

Key issues to look out for include quantum of corporate slippages from BB and below list and any revision in the size of the stressed assets, outlook on the power assets and CASA performance.

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The share touched its 52-week high Rs 798.80 and 52-week low Rs 475 on 27 August 2018 and 19 June 2019, respectively.

Shares of Eris Lifesciences gained more than 5 percent in the early trade on June 25 as company board is going to consider buyback of shares.

The board of directors will consider a proposal of buyback of the fully paid-up equity shares of the company of face value of Re 1 each at its meeting scheduled to be held on July 3, 2019.

The trading window of the company shall remain closed from June 25, 2019, to July 5, 2019 (Both Days Inclusive).

At 09:25 hrs Eris Lifesciences was quoting at Rs 525.30, up to Rs 13, or 2.54 percent on the BSE.

The share touched its 52-week high Rs 798.80 and 52-week low Rs 475 on 27 August 2018 and 19 June 2019, respectively.

Currently, it is trading 34.24 percent below its 52-week high and 10.59 percent above its 52-week low.

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HSBC increased its price target for SpiceJet to Rs 115 from Rs 79.50 earlier.

SpiceJet shares fell nearly 3 per cent intraday on June 7 after global brokerage firm HSBC downgraded SpiceJet to reduce.

The stock was quoting Rs 144.65, down Rs 1.60, or 1.09 per cent on the BSE, at 1125 hours. However, it rallied 71 per cent in the last three months after Jet Airways suspended its operations and crude oil prices fell.

The brokerage maintained hold call on IndiGo operator InterGlobe Aviation which was trading at Rs 1,668.15, down Rs 2.70, or 0.16 percent.

HSBC said stocks are now trading at near all-time high valuation multiples. "Market is far too optimistic and ignoring risks and challenges."

However, the brokerage increased its price target for SpiceJet to Rs 115 from Rs 79.50 earlier and for InterGlobe Aviation to Rs 1,580 from Rs 1,100 apiece after an increase in earnings estimates.

"Consensus earnings forecasts for IndiGo increased by 136 percent and for SpiceJet by 56 percent," HSBC said, adding airfares have risen 12-15 percent over the past 4-5 months.

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Lead futures were trading higher during the afternoon trade in the domestic market on Thursday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade.

At the MCX, lead futures for August 2018 contract is trading at Rs 146.20 per kg, up by 0.45 per cent, after opening at Rs 145.65, against a previous close of Rs 145.55. It touched the intra-day high of Rs 146.40.

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सर्राफा की कीमतों के सीमित दायरे में रहने की संभावना है।

फेडरल रिजर्व द्वारा ब्याज दरों में कोई बदलाव नही करने के बाद डॉलर के स्थिर रहने के कारण कल सोने की कीमतों में गिरावट के बाद आज बढ़त देखी जा रही है। अमेरिकी फेडरल रिजर्व ने कल की बैठक में अनुमान के अनुकूल ब्याज दरो में कोई बदलाव नही किया, लेकिन बेहतर आर्थिक वृद्धि के प्रति उम्मीद जतायी। सोना (अक्टूबर) की कीमतों को 29,850 रुपये के नजदीक बाधा और 29,550 रुपये के नजदीक सहारा रह सकता है, जबकि चांदी की कीमतों को 37,800 रुपये पर सहारा और 38,400 रुपये के स्तर पर अड़चन रह सकती है।

फेडरल रिजर्व ने कहा है कि इस वर्ष में अभी दो बार ब्याज दरों में बढ़ोतरी की जा सकती है। अगली बढ़ोतरी 25-26 सितम्बर को होने वाली बैठक में की जा सकती है। लेकिन अमेरिकी राष्ट्रपति ट्रंप ने फेड द्वारा ब्याज दरों में बढ़ोतरी की आलोचना की है। उधर चीन का केन्द्रीय बैंक बाजार में पर्याप्त लिक्वीडिटी सुनिश्चित करने के लिए मौद्रिक नीति को आसान बनाये रखेगा। साथ ही व्यापार तनाव के कारण आर्थिक उतार-चढ़ाव जारी रह सकता है। 

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Mentha oil futures were trading lower during the morning trade in the domestic market on Tuesday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further exiting of bets by traders in the spot market was due to a fall in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions.

At the MCX mentha oil futures for July 2018 contract was trading at Rs 1470 per kg down by 0.94 per cent after opening at Rs 1440.10 against the previous closing price of Rs 1483.90. It touched the intra-day low of Rs 1440.10.

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Credit Suisse has maintained outperform rating on Escorts and raised target price to Rs 1,230 from Rs 1,170 per share.

Shares of Escorts added 4 percent intraday Tuesday as company posted robust numbers in the quarter ended June 2018 (Q1FY19).

The company posted 92.7 percent jump in its Q1 net profit at Rs 120.7 crore against Rs 62.64 crore in the same quarter of last fiscal.

Revenue from operations rose by 29.9 per cent to Rs 1,511 crore against Rs 1,163 crore.

Credit Suisse has maintained outperform rating on Escorts and raised target price to Rs 1,230 from Rs 1,170 per share.

According to Credit Suisse, the Q1 results were operationally better than expected. The outlook on both CE and railways is encouraging.

Continue to prefer Escorts as top midcap pick, it added.

At 11:06 hrs Escorts was quoting at Rs 937.50, up Rs 30.30, or 3.34 percent.

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CLSA has maintained buy rating on Axis Bank and raised target to Rs 690 from Rs 650 per share.

Shares of Axis Bank gained 3 percent intraday Tuesday as broking house CLSA has maintained buy and also raised target price to Rs 690 per share.

The bank reported a 46 percent year-on-year (YoY) drop in net profit at Rs 701 crore for the first quarter ending June 2018.

The third largest private lender in India had posted 16 percent YoY fall in net profit at Rs 1,305.60 crore in the same quarter last year. It had posted a loss of Rs 2,188.7 crore in the March quarter.

Gross non-performing assets (NPAs) as a percentage of total loans reduced more than expected to 6.52 percent in Q1FY19 from 6.77 percent in Q4FY18 but increased from 5.03 percent in Q1FY18.

Brokerage: CLSA | Rating: Buy | Target: Rs 690

CLSA has maintained buy rating on Axis Bank and raised target to Rs 690 from Rs 650 per share.

The company's top-line is ahead of estimates as retail continues to lead. Also, Q1 net profit ahead of estimates led by better NII and NPL recoveries, said CLSA.

Slippages are moderate, but stress still rises. The de-risking is underway and expect RoE of 15% from FY21, it added.

Brokerage: Kotak Securities | Rating: Add | Target: Rs 600

Kotak Securities has maintain add rating on Axis Bank with a target of Rs 600 per share.

The company's net interest margin was reasonably stronger than expected, while decline in NPLs is quite meaningful.

Higher upgrades, write-off and lower slippages led to decline. Need clarification on movement of sub-investment grade portfolio, it added.

Brokerage: Citi | Rating: Neutral | Target: Rs 610

The research house Citi has maintained neutral call on Axis Bank with a target of Rs 610.

The company's slippages declined, while vulnerable pool rises. Its retail drives loan growth but cost ratios are declining, it said.

It expect gross slippages to continue moderating.

Brokerage: Morgan Stanley | Rating: Overweight | Target: Rs 620

Morgan Stanley has maintained overweight rating on Axis Bank with a target of Rs 620 per share.

According to Morgan Stanley, the first quarter was relatively a stable quarter. The coverage on total bad loans was stable.

Now, focus to shift on RBI approval for new CEO, it added.

At 09:54 hrs Axis Bank was quoting at Rs 570.65, up Rs 2.20, or 0.39 percent.

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Gold prices were steady on Tuesday, as the U.S. dollar remained largely unchanged ahead of U.S. Federal Reserve Chairman Jerome Powell's first congressional testimony.

Spot gold was up 0.1 percent at $1,241.20 an ounce at 0420 GMT, while U.S. gold futures for August delivery were up 0.1 percent at $1,241.60 an ounce.

The dollar index was steady against major peers on Tuesday, as investors awaited Federal Reserve Chairman Jerome Powell's first congressional testimony for any clues on the pace of U.S. interest rate rises.

Fed's Powell takes his upbeat view of the U.S. economy to Capitol Hill on Tuesday, with markets and many of his colleagues expecting two more interest rate increases this year amid a continued economic expansion.

Higher U.S. rates tend to boost the dollar, in which the metal it is priced.

Meanwhile, Asian stocks sagged on Tuesday, weighed by a sharp decline in crude oil prices. Brent crude futures shed over 4 percent on Monday as concerns over supply outages eased, but prices recovered after more oil workers went on strike in Norway threatening further disruptions. "Investor appetite for gold is not very strong at the moment. I think that it is going to be trading sideways for a long time," said Richard Xu, a fund manager at China's biggest gold exchange-traded fund, HuaAn Gold.

"We've also noticed that Chinese gold ETF liquidity has dropped a lot these days so that means people do not see any major breakthrough in either direction," Xu said.

Demand for gold in top consumer China has been weak as an ongoing trade war with United States had weakened the local currency and affected investor sentiment, with prospects of pick up further dented after data showed slowing growth in the economy.

Escalating and sustained trade conflicts following U.S. tariff actions threaten to derail economic recovery and depress medium-term growth prospects, the International Monetary Fund warned on Monday.

"If China is slowing down, there will be consequences to global commodity consumption and that's going to drag gold down as well," Xu said.

Spot gold is expected to break a support at $1,237 per ounce and fall to the next support at $1,226, Reuters technicals analyst Wang Tao said.

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.15 percent to 794.01 tonnes on Monday.

Silver was up about 0.2 percent at $15.76 an ounce.

Platinum climbed 0.6 percent at $826.75 an ounce, while palladium rose 0.6 percent to $922.72.

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आईसीआईसीआई डायरेक्ट (ICICI Direct) ने आज के एकदिनी वायदा कारोबार के लिए निफ्टी (Nifty), सीईएससी (CESC) में खरीदारी और भारत फोर्ज (Bharat Forge) में बिकवाली करने के लिए कहा है।

ब्रोकिंग फर्म ने आज अपनी रिपोर्ट में निफ्टी जुलाई फ्यूचर को 10710-10720 रुपये के बीच खरीदने की सलाह दी है। इस सौदे में 10740.0/10764.0 का लक्ष्य रखने की सलाह है। घाटा काटने का स्तर (स्टॉप लॉस) 10,688.00 बताया गया है।

साथ ही इसने सीईएससी जुलाई फ्यूचर को 909.00-910.00 रुपये के बीच खरीदने की सलाह दी है। इस सौदे में 918.40/927.40 रुपये के लक्ष्य रखने की सलाह है। घाटा काटने का स्तर (स्टॉप लॉस) 900.40 रुपये पर बताया गया है।

भारत फोर्ज जुलाई फ्यूचर को 615.50-616.50 रुपये के बीच बेचने की सलाह दी गयी है। इस सौदे में 610.10/604.10 का लक्ष्य रखने की सलाह है, जबकि घाटा काटने का स्तर (स्टॉप लॉस) 622.20 रुपये पर बताया गया है।

ध्यान रखें कि यह सलाह जुलाई फ्यूचर के कारोबार के लिए है।

स्पष्टीकरण: इन शेयरों में ब्रोकिंग फर्म या उसके ग्राहकों के हित जुड़े हो सकते हैं

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Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 26.5 points or 0.25 percent. Nifty futures were trading around 10,731-level on the Singaporean Exchange.

Gold Update: Gold prices nudged lower amid a steady dollar on Friday, with investors bracing for any impact on global markets from a deepening trade conflict between the United States and China.

The United States is due to begin collecting tariffs on USD 34 billion in Chinese goods. US jobs data later in the day was in focus as well.

Spot gold had fallen 0.3 percent to USD 1,253.11 an ounce. US gold futures for August delivery were 0.4-percent lower at USD 1,254.10 an ounce.

Gold prices were being weighed down by a steady dollar, said Helen Lau, analyst at Argonaut Securities.

Market check: After a flat opening benchmark indices gain some momentum with Nifty holding above 10,750 mark and Sensex is up 60 points.

Reliance Industries, Kotak Mahindra Bank, Infosys, TCS and L&T are the positive contributors to the Sensex. 

Market Opening: The benchmark indices are marginally lower in the opening trade amid weak Asian markets.

The Sensex is up 24.01 points or 0.07% at 35598.56, and the Nifty up 1.70 points or 0.02% at 10751.50. About 371 shares have advanced, 517 shares declined, and 55 shares are unchanged. 

Vedanta, Titan, Hindalco, Tata Steel, UntraTech Cement, ONGC, IndusInd Bank, Maruti Suzuki and HDFC are the major loser in the market. 

Infosys, HCL Tech, IOC, TCS, RIL, are the gainers in the market

Sobha gained 3 percent after reporting better sales numbers.

Delta corp, HEG, Graphte India are trading higher with 1-3 percent gain.

Market Pre-Opening: Benchmark indices are lower in pre-opening trade amid weakness in Asian peers.

The 30-share BSE Sensex fell 31.53 points to 35,543.02 and the 50-share NSE Nifty gained 5.6 points at 10,744.20.

Rupee Update: The Indian rupee opened higher by 7 paise at 68.88 per dollar on Friday versus previous close 68.95.

Rupee closed at record lows in yesterday’s trading session as traders turn cautious of China and US tariff implementation and is expected to open flat against the dollar amid weakness before US tariffs on China take effect and decline in crude oil prices, said Motilal Oswal.

The Trump administration has imposed tariffs on a range of imported goods, including steel and aluminum, to protect domestic industries from what it says is unfair competition from foreign manufacturers. The 25% duty will apply to USD 34 billion worth of Chinese goods, ranging from aircraft to chicken incubators.

The FOMC minutes stated that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labour market conditions, and inflation near the Committee's symmetric 2% objective over the medium term.

Today, USD-INR pair is expected to trade sideways within narrow range of 68.55-69.20.

Here are stocks that are in the news today:

Apollo Hospitals buys 50% stake in Medics International Lifesciences

Glenmark Pharma gets exclusive licensing agreement with Seqirus

India Infoline Finance raising Rs 325 crore from CDC Group (A UK Govt-owned development finance institution) via rupee denominated Tier II bonds.

Umang Dairies: ICRA has reaffirmed the long term rating of BBB- assigned earlier to the Rs 34 crore line of credit of the company and has also assigned a long-term rating of BBB- to the additional limit of Rs 17 crore. The outlook on the long term rating is stable.

Talwalkars Better Value Fitness: Company made investment in company in India - Zorba Renaissance Private Limited, which is registered with the Registrar of Companies, Chennai.

Varroc Engineering to make stock market debut on July 06

Goldcrest Corporation: Company has fixed July 17 as record date to determine the equity shareholder(s)/eligible equity shareholder(s) of the company who shall be eligible to participate in the buy-back offer.

Berger Paints: Company has signed a shareholders' agreement with Rock Paint Co for the purpose of setting up of a joint venture company in India by the name of 'Berger Rock Paints Private Limited' or any other name as may be approved by the Registrar of Companies. The joint venture company shall be engaged in developing, producing and selling superior automotive refinish paints in India and Nepal.

Phoenix Mills: Island Star Mall Developers (ISMDPL), a strategic investment alliance owned by the company and Canada Pension Plan Investment Board (CPPIB) has now further acquired an additional adjoining land parcel in Wakad, Pune for a consideration of Rs 1.36 crore on July 4.

Ind-Swift Laboratories: There is a minor fire incident at research and development centre of the company located at Mohali, Punjab. There is no loss of life.

Muthoot Finance: Muthoot Money has obtained the mandatory approval from the Reserve Bank of India for change in management/control through acquisition of shares /capital infusion by Muthoot Finance (MFIN) vide Reserve Bank of India letter dated July 3. Board of Directors of MFIN has agreed in principle to acquire shares as well as subscribe to equity shares of MMPL which will result in the change of management / control of MMPL. This was with the intention of further diversifying its business activities.

Capital First: Debenture Committee, on July 10, to consider and approve the private placement of rated, listed, secured / unsecured / subordinate / perpetual, redeemable non-convertible securities in the nature of debentures to be listed on the Debt Market segment of National Stock Exchange of India.

The Nifty50 is likely to open lower on Friday tracking muted trend seen in other Asian markets. The index closed 20 points lower at 10,749 on Thursday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 26.5 points or 0.25 percent. Nifty futures were trading around 10,731-level on the Singaporean Exchange.

Wall Street’s major indexes rose on Thursday as reports that the United States and the European Union may agree to withdraw auto tariffs fostered optimism on international trade relations among investors, said a Reuters report.

Asian share markets were set for a bumpy ride on Friday just hours ahead of a US deadline to impose tariffs on Chinese imports, which has rattled financial markets in recent weeks as investors feared it could trigger a full-blown global trade war, it said.

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