Adani shares up 2% on Aussie buyout

Shares of Adani Enterprises rose 2 per cent,after the company entered into an agreement with Australia's Linc Energy.

Shares of Adani Enterprises rose 2 per cent,after the company entered into an agreement with Australia’s Linc Energy to buy the latter’s coal reserves for 500 million Australian dollars.

Adani Enterprises,the flagship company of the Adani Group,rose 2.11 per cent to settle at Rs 622.55 on the BSE.

During the trade,the scrip jumped 3.88 per cent to touch a 52-week high of Rs 633.40.

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“Adani Enterprises,through its step-down Australian subsidiary,Adani Mining,has concluded a binding agreement with Linc Energy to purchase 100 per cent interest in their Galilee coal tenement in the Galilee Basin,Queensland,” the company said in a filing to the BSE.

“The purchase consideration is AUD 500 million plus a royalty payment for a 20-year period linked to production,” it added. Adani would import the coal produced from these mines to feed its power projects in the country.

On the NSE,the scrip closed at Rs 621.50,up 1.92 per cent. On the volume front,a total of over 64 lakh shares of the company changed hands on both the bourses.

Meanwhile,the broader market Sensex also rallied 33.62 points higher at 18,114.83.