Adani Group stocks in demand; gain up to 6%

New Delhi, May 30 (PTI) Shares of Adani Group companiessurged up to 6 per cent today after the group agreed to payroyalties on coal produced from its USD 16.5 billionCarmichael coal project in Austral

New Delhi, May 30 (PTI) Shares of Adani Group companies

surged up to 6 per cent today after the group agreed to pay

royalties on coal produced from its USD 16.5 billion

Carmichael coal project in Australia after it struck an

agreement with the Queensland government to help the

controversy-hit project move forward.

The scrip of Adani Enterprises surged 5.93 per cent,

Adani Transmission gained 4.27 per cent, Adani Ports and

Special Economic Zone (3.43 per cent) and Adani Power (2.43

per cent) on BSE.

Adani Ports was the top gainer among the 30-Sensex

components.

The agreement with Queensland government “meets Adani’s

expectations and requirements,” the company said in a

statement, without providing details of the accord.

In the statement, Adani chairman Gautam Adani described

the move as a “benchmark decision” that showed the “strong

commitment” of the Queensland government to the project.

The Carmichael coal project, Australia’s largest, has

been delayed since first being proposed in 2010 due to

protests by green groups over its environmental impact. PTI

This is published unedited from the PTI feed.