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Adani Group stocks surge up to 13%; Australia gives way to Carmichael project

Adani Group stocks surge up to 13%; Australia gives way to Carmichael project

Stocks surged after the company said the Australian government has cleared way for company's $7 billion Carmichael coal mine and rail project.

Adani Enterprises rallied as much as 12.90 per cent to Rs 95.80 and was heading towards its biggest one-day gain since April 2014. Photo: Reuters Adani Enterprises rallied as much as 12.90 per cent to Rs 95.80 and was heading towards its biggest one-day gain since April 2014. Photo: Reuters

Shares of Adani Group companies such as Adani Enterprises, Adani Power and Adani Port and Special Economic Zone were the top gainers among BSE large caps and surged up to 13 per cent after the company said the Australian government has cleared way for company's $7 billion Carmichael coal mine and rail project.

Adani Enterprises closed 8.53 per cent up after rallying as much as 12.90 per cent to Rs 95.80, while Adani Power added 4.28 per cent to Rs 29.25 at close. Stock of Adani Ports settled 1.42 per cent after hitting its intraday high of Rs 330.50, up 1.94 per cent, on Bombay Stock Exchange.

Adani Group initiated the Carmichael coal project in 2010 with plans to develop a coal mine and a rail link with Abbot Point port, but the project soon ran into opposition from environmentalists.

A court on August 5 temporarily blocked progress on the project in the inland Galilee Basin following a claim Adani failed to include conditions to protect two vulnerable species.