Adani Enterprises soars 12%; mining arm gets LoI for Odisha Bauxite block

Adani Enterprises on Tuesday said its wholly-owned subsidairy Mundra Aluminium was declared as the preferred bidder for the Kutrumali bauxite block by the Odisha government.

Shares of Adani Enterprises soared 12 per cent to Rs 1,532.85 on the BSE in Wednesday’s intra-day trade, extending its previous day’s gain, on receipt of Letter of intent (LoI) in respect of Kutrumali bauxite block in Odisha. In past two days, the stock of Adani group flagship firm has rallied 28 per cent. While, from Tuesday’s low, the stock has galloped over 39 per cent.

Adani Enterprises on Tuesday said its arm Mundra Aluminium (MAL) has been declared as the preferred bidder for the Kutrumali bauxite block by the Odisha government.

MAL is a wholly-owned subsidiary of