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  1. Adani Enterprises shares gain nearly 7% on Australian court order

Adani Enterprises shares gain nearly 7% on Australian court order

Adani Enterprises share price gained on reports that an Australian court rejected a bid by environmentalists to stop its $16.5 billion controversy-hit Carmichael coal mine project.

By: | Updated: December 15, 2015 3:57 PM
adani enterprises

Adani Enterprises share price gained on reports that an Australian court rejected a bid by environmentalists to stop its .5 billion controversy-hit Carmichael coal mine project. The court said, the firm can go ahead if it agrees to some environmental measures. (Photo: Reuters)

Adani Enterprises share price gained as much as 6.99 per cent on Tuesday on reports that an Australian court has rejected a bid by environmentalists to stop its $16.5 billion controversy-hit Carmichael coal mine project. The court said, the firm can go ahead if it agrees to some environmental measures.

At 2.58 pm, the share price of Adani Enterprises was trading 4.59 per cent up at Rs 78.55. The scrip opened at Rs 79 and had touched a high and low of Rs 80.35 and Rs 77.55, respectively, in trade so far. Later, the share price of the company closed 4.53 pe cent up at Rs 78.50.

The mega project located in Queensland’s Galilee Basin, which would be the biggest in Australia, was challenged by Conservation group Coast and Country in Brisbane Land Court on the ground that the mine would affect groundwater, climate change and biodiversity, including black-throated finches, an endangered species.

The coal mine is facing another legal challenge in the Federal Court by the Australian Conservation Foundation. Adani group says its project will deliver 10,000 direct and indirect jobs, and $22 billion in taxes and royalties to the state.

In the past one year, the share price of Adani Enterprises corrected 83.11 per cent to Rs 75.10 on December 14. Sensex dipped nearly 8 per cent during the same period.

For the quarter ended September 30, 2015, the company posted a consolidated net profit of Rs 298.86 crore, up 42.12 per cent against Rs 210.29 crore in the same quarter a year ago.

With agency inputs

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