Adani Group Stocks In Limelight After Agreement On Australia Project

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Adani Group Stocks In Limelight After Agreement On Australia Project

Posted on : Tuesday 6th of December 2016

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Adani group shares recorded up to 8 per cent gains on Tuesday after Adani Enterprises said it planned to begin construction work on the Carmichael coal project in Australia's Galilee Basin from the "middle of next year".

The group's Australian operations head announced an agreement with the Queensland government to hire local workers.

Adani Australia CEO Jeyakumar Janakaraj on Tuesday said Adani Enterprises' $16-billion Carmichael mine in Australia's Queensland state was "back on track".

Adani Transmission stock rose 8.24 per cent to its day's high of Rs 59.80 apiece on the BSE. Adani Power rose as much as 5 per cent and Adani Ports over 2 per cent.

"We want to start construction in the middle of next year," Mr Janakaraj told reporters in Townsville. The work would begin on the Carmichael coal project in Queensland state's Galilee Basin and on a 400-kilometer (250-mile) rail link to an expanded port on the coast in June or July, he said.

The long-delayed project comprises six open-cut pits and five underground collieries. It has stalled amid a series of lawsuits brought by environmental groups and delays to government approvals.

At 11:23 a.m., Adani Transmission was trading 7.78 per cent higher; Adani Enterprises was up 0.93 per cent; Adani Ports and SEZ up 0.91 per cent, and Adani Power was 2.58 per cent higher.

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