Adani Enterprises surges 14% as Australia re-approves coal mine project.

Shares of Adani Enterprises surged over 14% recently after the group’s plan to build one of the world’s largest coal mines got a new lease of life with the Australian government giving re-approval to its $16.5 billion controversy-hit project.

Buying was also seen in other group stocks such as Adani Power Ltd that rose by 4.28% to Rs.29.25 and Adani Ports and Special Economic Zone Ltd gained 1.42% to Rs.328.80 on BSE.

Over two months after an Australian court revoked the environmental approval for the project, environment minister Greg Hunt signed the papers, giving Adani the re-approval with conditions imposed that take into account community issues and would ensure that the company meets the highest environmental standards. The federal court in August had revoked the original approval due to a bureaucratic bungle over two vulnerable species—the yakka skink and the ornamental snake.

Adani Australia welcomed the announcement and said the re-approval by the federal government made it clear that concerns have been addressed, reflected in “rigorous and painstaking” conditions.

Livemint