Adani Enterprises stock gains nearly 5%

Shares of Adani Enterprises rose by nearly 5 per cent after an Australian court today rejected a bid by environmentalists to stop Adani Group's 16.5 billion dollar controversy-hit coal mine project.
The stock gained 4.53 per cent to end at Rs 78.50 on BSE. During the day, it surged 6.99 per cent to Rs 80.35.
At NSE, shares of the company climbed 4.66 per cent to settle at Rs 78.55.
Buying was also seen in Adani Power and Adani Transmission that gained 1.50 per cent and 1.06 per cent, respectively on BSE.
In a relief to Adani Group, an Australian court today rejected a bid by environmentalists to stop its 16.5 billion dollar controversy-hit coal mine project, but said the firm has "exaggerated" the economic benefits, including the amount of jobs and royalties.

The mega project in Queensland's Galilee Basin, which would become Australia's largest coal mine, was challenged by Conservation group Coast and Country in Brisbane Land Court on the ground that it would affect groundwater, climate change and biodiversity, including black-throated finches, an endangered species.