Adani Poised for Biggest Gain in 18 Months on Australia Approval
- Subject to 36 of strictest conditions in Australian history
- Shares climb as much as 13%, snapping two days of losses
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Adani Enterprises Ltd. was poised for its steepest increase in a year and a half after Australia approved the $5.3 billion Carmichael coal mine and rail project in Queensland with the toughest conditions in the country’s history.
Shares traded 11 percent higher at 94.35 rupees as of 11:35 a.m. in Mumbai, set for the biggest close since April 10, 2014. The stock earlier climbed as much as 13 percent. The project is subject to 36 strict conditions, Environment Minister Greg Hunt said in an e-mailed statement Thursday.