Adani Enterprises rose 1.34% to Rs 457.70 at 14:52 IST on BSE after the company said that Adani Mining Pty and POSCO E&C entered into a binding agreement to develop a rail line in Galilee Basin, Queensland.
The announcement was made during market hours today, 18 July 2014.
Meanwhile, the S&P BSE Sensex was up 150.01 points or 0.59% at 25,711.17.
On BSE, so far 6.21 lakh shares were traded in the counter as against average daily volume of 8.07 lakh shares in the past one quarter.
The stock hit a high of Rs 463.50 and a low of Rs 435.60 so far during the day. The stock hit a 52-week low of Rs 126.05 on 4 September 2013. The stock hit a 52-week high of Rs 585 on 16 May 2014.
The stock had underperformed the market over the past one month till 17 July 2014, sliding 6.28% compared with the Sensex's 0.16% rise. The scrip had also underperformed the market in past one quarter, advancing 2.82% as against Sensex's 12.96% rise.
The large-cap company has equity capital of Rs 109.98 crore. Face value per share is Re 1.
Adani Mining Pty and POSCO E&C, a leading global construction company and a subsidiary of the South Korean giant POSCO, have signed a binding agreement to develop a greenfield non-electrified standard gauge heavy haul rail line to open up the Galilee Basin coal reserves in Queensland, Australia.
Adani and POSCO E&C will develop this greenfield standard gauge rail line with a capacity to haul 60 mtpa. Adani and POSCO E&C will jointly manage the development of this rail line, Adani Enterprises said in a statement.
POSCO E&C is one of the world's largest construction companies and has significant experience in developing rail infrastructure. The North Galilee Basin Rail (NGBR) construction is expected to commence in early 2015, Adani Enterprises said in a statement. Adani Enterprises' consolidated net profit jumped 501.1% to Rs 2847.82 crore on 40.7% growth in net sales to Rs 16142.34 crore in Q4 March 2014 over Q4 March 2013. Adani Enterprises is the flagship company of the Adani Group. The company is the largest private sector coal importer in India.
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