Adani Enterprises surges 13% as Australia re-approves coal mine project

Mumbai: Shares of Adani Enterprises surged 13 percent Thursday after mining giant Adani's plan to build one of the world's largest coal mines got a re-approval for the 16.5 billion controversy-hit project by the Australian government.

The stock jumped 12.9 percent to Rs 95.80 at BSE.

On NSE, shares of the company soared 13 percent to Rs 95.90.

Buying was also seen in other group stocks such as Adani Power that rose by 4.81 percent to Rs 29.40 and Adani Ports and Special Economic Zone gained 1.94 percent to Rs 330.50 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.

Meanwhile, 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.