Adani Enterprises gains after reports Australian court dismisses green group's challenge to coalmine

Adani Enterprises rose 4.79% to Rs 78.70 at 15:15 IST on BSE after reports the Australian court has dismissed green group's challenge to Adani's coalmine in Australia.

Meanwhile, the BSE Sensex was up 171.62 points, or 0.68%, to 25,323.55.

On BSE, so far 11.49 lakh shares were traded in the counter, compared with an average volume of 11.36 lakh shares in the past one quarter.

The stock hit a high of Rs 80.35 and a low of Rs 77.55 so far during the day. The stock hit a record high of Rs 803.90 on 26 May 2015. The stock hit a 52-week low of Rs 65.85 on 8 September 2015.

The stock had outperformed the market over the past one month till 14 December 2015, declining 0.46% compared with 1.8% fall in the Sensex. The scrip had also outperformed the market in past one quarter, dropping 2.59% as against Sensex's 2.73% decline.

The large-cap company has an equity capital of Rs 109.98 crore. Face value per share is Re 1.

Shares of Adani Enterprises rose on expectations that $15 billion Carmichael coal mine may get clearance for mining. This project is stuck since 2010 for want of green nod. Adani group recently requested the Australian government to draft a special law prohibiting green groups from seeking repeated judicial reviews of environmental approvals, report added. Adani group had acquired the rights to develop Carmichael coal mines in the Galilee Basin of Queensland state in Australia involving an investment of $15 billion over a period of time. The project, which includes building a rail link and a port at Abbot Point to ship the coal out, has been opposed by green groups ever since.

Because of the opposition, the Adani group has been finding it difficult to get banks to fund the deal. Even, State Bank of India had withdrawn its committed loan of Rs 8000 crore to the project, report added.

Adani Enterprises' consolidated net profit rose 42.1% to Rs 298.86 crore on 18.9% decline in net sales to Rs 11371.75 crore in Q2 September 2015 over Q2 September 2014.

Adani Enterprises is a diversified company. The company is engaged in the business of coal trading, coal mining, renewable energy among others.

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