Adani group shares surge up to 9%

New Delhi: Shares of Adani group of companies surged up to 9 per cent on Monday as the mining giant will start work on its 16.5 billion dollar Carmichael coal project in Australia in October and is expected to ship the first consignment in March 2020.

The stock jumped 9.05 per cent to settle at Rs 119.25 on BSE. During the day, it soared 10.60 per cent to Rs 120.95.

Buying was also seen in other group stock, with Adani Transmission surging 8.04 per cent, Adani Power climbing 6.13 per cent and Adani Ports and Special Economic Zone (1.86 per cent).

Mining giant Adani will start work on its 16.5 billion dollar Carmichael coal project in Australia in October and is expected to ship the first consignment in March 2020, the company has said after the controversy-hit project cleared two major legal hurdles.

The group has for more than five years battled opposition from green groups who are opposed to any expansion of the port, saying it will cut into the Great Barrier Reef World Heritage Area. The port is to be used for exporting coal to India.

"We will start construction of the project by October and first coal will come out in March 2020," Adani chairman Gautam Adani said on Saturday.

Adani Australia Country Head and CEO Jeyakumar Janakaraj said this was yet another example of Adani finally being able to enact long-held plans to benefit Queensland state.

In June, Adani's board gave final investment approval for the proposed coal mine, which would be the largest in Australia.