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Tata Sponges board approves date for right issues
Tata Sponge, in its filing to the exchanges informed that its board has granted approval of the issuance of equity shares by way of rights issue to the existing shareholders of the company as on the record date for an amount not exceeding Rs1,800cr and fixed record date for rights issue at June 25.The companys board has given approval for issuance of 3.3cr equity shares of the face value of Rs10 each, on a rights basis, not exceeding an amount of Rs1,650cr by the company to the eligible equity shareholders, the company said in a press note to the exchanges.

Abhay Yadav withdraws his writ Petition against Indiabulls in Supreme Court; stock surges 8%
Shares of Indiabulls Housing Finance surged 8% after falling 5% intraday. The company said that the writ petition filed in the Supreme Court against company and Sameer Gehlaut has been withdrawn.Abhay Yadav, the petitioner has withdrawn the Writ Petition in Supreme Court. Abhay Yadav in his affidavit has mentioned “That I am not aware of the contents and allegations mentioned in the complaints or the petition. I now realise that such papers, affidavits, applications, etc. were signed by me have been misused to file false complaints and petitions against Indiabulls with malafide intentions.”

Adani Australia gets final environmental approval for Carmichael mine
Adani Australia on Thursday received its final environmental approval to begin work on its Carmichael mine in Central Queensland.The approval states that the plan complies with all regulatory conditions set by the Australian and State Governments, bringing to close a two-year process of rigorous scientific inquiry, review and approvals. This includes relevant reviews by Australias pre-eminent scientific organisations CSIRO and Geoscience Australia.

Yes Bank slips further after foreign brokerage downgrades view
Shares of Yes Bank extended the decline in the noon trade on Thursday to hit its 52-week low on the NSE. The stock came under pressure after brokerage firm UBS retained its ‘sell’ rating and cut its target price to Rs90 per share from Rs170 earlier.The brokerage firm expects 255bps/200bps credit costs in FY20/21, higher than the management guidance of 125bps. NPL (non-performing loan) risks seem higher than current expectation.

NMDC declines 6% on reports of halting production amid protests
Shares of NMDC were trading 6% down on Thursday after media reports suggested that the Chhattisgarh government has asked the company to disband iron-ore mining in Bailadila hills.As per media reports, the state governments decision came after the tribals called protest in NMDCs Bacheli-Kirandul complexes, under the banner of the Sanyukta Panchayat Samiti. As per reports, tribals called indefinite strikes demanding a ban on mining in the hill (reserve) that houses their deity.

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