India: Adani Enterprises to start work in Oz mine, shares surge nearly 8%

Adani Enterprises shares surged as much as 7.67 per cent to Rs 169.95 on BSE in Thursday’s session, their highest in over 6 weeks. The resources conglomerate would fully fund its controversial Carmichael coal mine and rail project in Australia, Adani Mining CEO Lucas Dow said on Thursday, adding that the construction and operation of the mine would now begin. The mine has faced years of delays amid opposition from environmental groups, and some banks had ruled out funding the project. About 0.5 crore shares of the company changed hands today, against the 30-day average of 0.62 crore shares.

Shares of the company traded at Rs 168.05, up 6.46 per cent around 1:30 pm. The benchmark Sensex was 1.07 per cent up at 36,099 at that time.