Business Companies 30 May 2017 Adani Group stocks i ...

Adani Group stocks in demand; gain up to 6 per cent

PTI
Published May 30, 2017, 8:25 pm IST
Updated May 30, 2017, 8:25 pm IST
The group today agreed to pay royalties on coal produced from its USD 16.5 billion
Representational Image
 Representational Image

New Delhi: Shares of Adani Group companies surged up to 6 per cent today after the group agreed to pay royalties on coal produced from its USD 16.5 billion Carmichael coal project in Australia after it struck an agreement with the Queensland government to help the controversy-hit project move forward.

The scrip of Adani Enterprises surged 5.93 per cent, Adani Transmission gained 4.27 per cent, Adani Ports and Special Economic Zone (3.43 per cent) and Adani Power (2.43 per cent) on BSE. Adani Ports was the top gainer among the 30-Sensex components.

 

The agreement with Queensland government "meets Adani's expectations and requirements," the company said in a statement, without providing details of the accord. In the statement, Adani chairman Gautam Adani described the move as a "benchmark decision" that showed the "strong commitment" of the Queensland government to the project.

The Carmichael coal project, Australia's largest, has been delayed since first being proposed in 2010 due to protests by green groups over its environmental impact.

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