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Business News/ Market / Stock-market-news/  Adani Enterprises surges 14% as Australia re-approves coal mine project
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Adani Enterprises surges 14% as Australia re-approves coal mine project

During the day, the stock gained 15.85% to Rs98.30 on BSE, while on the NSE, it climbed 14% to close at Rs96.75

Buying was also seen in other group stocks such as Adani Power that rose by 4.28% to Rs29.25 and Adani Ports and Special Economic Zone gained 1.42% to Rs328.80 on BSE. Photo: Pradeep Gaur/MintPremium
Buying was also seen in other group stocks such as Adani Power that rose by 4.28% to Rs29.25 and Adani Ports and Special Economic Zone gained 1.42% to Rs328.80 on BSE. Photo: Pradeep Gaur/Mint

Mumbai: Shares of Adani Enterprises surged over 14% on Thursday after the group’s plan to build one of the world’s largest coal mines got a new lease of life with the Australian government giving re-approval to its $16.5 billion controversy-hit project.

The stock advanced 14.02% to settle at 96.75 on BSE. During the day, it gained 15.85% to 98.30. On the NSE, it climbed 14% to close at 96.75.

Buying was also seen in other group stocks such as Adani Power Ltd that rose by 4.28% to 29.25 and Adani Ports and Special Economic Zone Ltd gained 1.42% to 328.80 on BSE.

Over two months after an Australian court revoked the environmental approval for the project, environment minister Greg Hunt signed the papers, giving Adani the re-approval with conditions imposed that take into account community issues and would ensure that the company meets the highest environmental standards. The federal court in August had revoked the original approval due to a bureaucratic bungle over two vulnerable species—the yakka skink and the ornamental snake.

Adani Australia welcomed the announcement and said the re-approval by the federal government made it clear that concerns have been addressed, reflected in “rigorous and painstaking" conditions.

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Published: 15 Oct 2015, 05:15 PM IST
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