Adani Entp jumps to top gainer

Adani Enterprises had a very good Sunday looks like! The much-awaited and long overdue approval by Australia's Queensland state government, to proceed with its proposed $7.7 billion Carmichael coal project in the Galilee Basin finally came in!

Adani has secured the permission to mine coal reserves estimated at 11 billion tonnes and to build roads, workshops, power lines and pipelines associated with the mine.

The company has said that it would continue to finalise second tier approvals with the clear aim of commencing construction in calendar year 2017.

The company though continues to face legal issues from environmentalists and till those get resolved, the climb would be uphill. Funding could an uphill task as several bankers have withdrawn their approvals, saying that they would not fund a coal mine in Galilee Basin. If one may recollect, in August’15, Stanchart and Commonwealth Bank of Australia pulled put their funding approval.

The stock is today celebrating this one battle won today and it is currently the top gainer, up over 6% at Rs.81 levels.