Adani Entp jumps over 7%
Adani Enterprises has been the top gainer since opening bell. The stock price rose over 7% to an intra day high at Rs.126.10 and continues to remain firmly in the green.
The stock is up after the company gave its final investment approval for the Carmichael mine and rail projects in Queensland and this marks the official start of one of the largest single infrastructure and job-creating developments in Australia's recent history.
The project is expected to create 10,000 direct and indirect jobs and pre-construction work is expected to begin in September 2017.
The company has already invested $3.3 billion in the project including buying the bulk coal handling port at Abbott Point. It has already signed the required contracts for construction and operations and the biggest chunk of it - $2.6 billion was with Downer Mining for construction and operation of Carmichael mine.