Adani Group stocks up as Aus mine proj gets nod for rail line

Shares of Adani Group companies surged as much as 10 per cent today after its Australia mine project got final approval for constructing a permanent rail line.
Adani's plan to build one of the world's largest coal mines in Australia got a major boost after the Queensland's Coordinator-General gave "the latest, and final, secondary approval" for about 31.5 kilometres of permanent track, as well as a 300-bed camp, according to an official statement yesterday.
Following this, shares of Adani Enterprises settled for the day at Rs 69.80, up 0.22 per cent on BSE, while Adani Ports and Special Economic Zone closed at Rs 272.05, up 1.04 per cent.

Adani Power finished at Rs 32.15, up 3.54 per cent and Adani Transmission rose 9.95 per cent to Rs 60.75.
The rail section approved will form part of the 389-kilometre heavy haul railway line from the mine in the Galilee Basin to the Abbot Point port, the statement said.
State Development Minister Anthony Lynham said the approval was another milestone for the project. "Adani has confirmed it will start construction next year," Lynham said.
The mine will consist of six open-cut pits and up to five underground mines, and will supply Indian power plants with enough coal to generate electricity for up to 100 million people.