Adani Enterprises to self-finance Carmichael mine project; stock rises 8%

The stock moved 8% higher at Rs 170 on BSE on back of heavy volumes after the company said it will fund the entire cost of its controversial Queensland coal mine and rail project in Australia.

Shares of Adani Enterprises have moved higher by 8% to Rs 170 on BSE on back of heavy volumes after the company said it will fund the entire cost of its controversial Queensland coal mine and rail project in Australia.

“Adani Mining's Carmichael mine and rail project will be 100% financed through the Adani Group's resources, Adani Mining CEO Lucas Dow announced in Central Queensland today,” Adani Enterprises said in a press release.

Mr. Dow said construction and operation of the mine will now begin. "Our work in recent months has culminated in Adani Group's approval of the revised