Adani Ent up 9% on investment approval for Australian project

New Delhi: Shares of Adani Enterprises surged almost 9 percent Tuesday, adding Rs 1,116 crore to its market valuation, after the Adani Group gave the final investment approval for its Carmichael coal mine project in Australia.

The stock jumped 8.63 percent to end at Rs 127.80 on BSE. During the day, it soared 9.13 percent to Rs 128.40.

On NSE, shares of the company surged 8.97 percent to close at Rs 128.05.

Following the surge in the stock, the company's market valuation rose by Rs 1,116.57 crore to Rs 14,055.57 crore.

Among other group stocks, Adani Power gained 1.68 percent and Adani Ports and Special Economic Zone went up by 0.26 percent on BSE.

"I am proud to announce - the project has Final Investment Decision (FID) approval - which marks the official start of one of the largest single-infrastructure-- and job creating -- developments in Australia's recent history," Adani Group Chairman Gautam Adani said.

This is a historic day for Adani, a historic day for regional Queensland, and a historic day for Indian investment in Australia, he said.

The announcement comes just days after the Adani Group agreed to pay royalties on coal produced from its project after it struck an agreement with the Queensland government to help the controversy-hit project move forward.

Adani said the Carmichael projects will generate 10,000 direct and indirect jobs, with pre-construction works starting in September quarter of 2017.