Adani Group stocks in demand

Shares of four Adani Group companies rose by 1.33% to 10.96% at 11:25 IST on BSE on reports Australia's environment ministry reissued environment-related clearance to Adani Group's Carmichael mega coal mine and rail project.

Adani Enterprises (up 10.96%), Adani Transmission (up 5.29%), Adani Power (up 2.67%) and Adani Ports & Special Economic Zone (up 1.33%), edged higher.

The S&P BSE Sensex was up 200.41 points, or 0.75% at 26,980.07.

According to reports, the new Australian government has approved Indian infrastructure conglomerate Adani Group's Carmicheal coal mine and rail project in accordance with the Australian environment law, subject to 36 conditions.

The Carmichael coal mine and rail project is an open-cut and underground coal mine located approximately 300 kilometre (km) inland in remote central Queensland in Australia. The Carmichael mine would be among the largest coal mines in the world.

Adani Group initiated the Carmichael coal project in 2010 with plans to develop a coal mine and a rail link with Abbot Point port, but the project soon ran into opposition from environmentalists.

Reports suggested that there were concerns over the project that it may threaten the Great Barrier Reef, the world's largest coral reef system, off the coast of Queensland in northeastern Australia. On 5 August 2015, an Australian court had temporarily blocked the progress on the $7.34 billion project in the inland Galilee Basin, following a claim that the Adani Group failed to include conditions to protect two vulnerable species - the yakka skink and the ornamental snake. The yakka skink is a lizard seen mostly in Queensland.

The Queensland state project has been approved subject to "36 of the strictest conditions in Australian history," Australian environment minister Greg Hunt was quoted by media as saying.

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