Adani Enterprises shares surge over 7% on winning mining lease in Australia

By: |
New Delhi | Updated: April 4, 2016 4:16:41 PM

Adani Enterprises share price gained over 7 per cent intraday on reports that the company's $21.7 billion coal mine project in Australia won three mining leases.

adani enterprises share price, BSE sensex, nse niftyAdani Enterprises share price gained over 7 per cent intraday on reports that the company’s .7 billion coal mine project in Australia won three mining leases. (Express Photo)

Adani Enterprises share price gained over 7 per cent intraday after the company’s $21.7 billion coal mine project in Australia won three mining leases.

At 12.02 pm, shares of Adani Enterprises were trading 6.51 per cent up at Rs 80.95. The scrip opened at Rs 79.30 and has touched a high and low of Rs 81.95 and Rs 79, respectively, in trade so far. Later, the scrip closed 5.86 per cent up at Rs 80.45.

Meanwhile, the BSE has sought clarification from Adani Enterprises with reference to news reported in a business daily- “Queensland govt grants Adani Group mining lease”.

Adani’s 21.7 billion dollars coal mine project in Australia on Sunday won three mining leases but the Indian mining giant said a final decision on investment will be taken only after the resolution of “politically-motivated” legal challenges against its plans to build one of the world’s largest coal mines.

For the quarter ended December 2015, the company reported a consolidated net profit of Rs 195.79 crore, down 55.89 per cent, against Rs 443.85 crore in the corresponding quarter a year ago.

In the past one year, the share price of the company slid 87.60 per cent to Rs 76 on April 1, 2016, whereas BSE Sensex dipped 10.58 per cent during the same period.

(With agency inputs)

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Buy rating on Bajaj Electricals: ‘Consumer-pull’ model on track
2India Banks: Q4FY16 preview; Shift of market share to private banks to continue
3Reduce rating on Tata Steel: Sale of UK asset may lessen cash burn considerably