Adani Entp jumps to top gainer

Adani Enterprises is the top gainer on the BSE currently, up 7% intra day at Rs.80.35. It since then come off that high point and is now at Rs.78 levels, up 4.5%.

The stock is up on hopes that the much awaited and delayed US$15 billion Carmichael coal project in Australia might finally see the light of the day. Today morning, the Australian court dismissed the Green Group’s opposition to the project. Now there are murmurs that coal mines might finally get the green signal.  The project has been stuck for want of clearance since 2010. SBI had withdrawn its loan commitment to the tune of Rs.8000 crore to Adani for the same project.

Adani group had recently ‘requested the Austrialian government to draft a special law that prohibits green groups from seeking repeated judicial reviews for environmental approvals. The leading national environmental organization Australian Conservation Foundation (ACF) was crying, rather howling in anger.

This is a huge project – apart from the rights to develop the Carmichael coal mines, it includes building a rail link and a port at Abbot Point to ship out the coal. SBI

There is no official word yet but looking at the way the wind is blowing currently, the street expects the project to take off soon.