Adani stocks mixed even as group expects Australian mining approvals by June

NEW DELHI: Shares of Adani group stocks were trading mixed in Monday’s trade even as the group said it was expecting to get final regulatory approvals for its much-debated Rs 1.1 lakh crore (AUD22 billion) Carmichael coal project by May-June. A top executive on Sunday said the group may begin construction of first phase by August.

Adani group has, however, cut the total annual coal output in the first phase to 25 million tonnes from the initially planned 40 million tonnes.

That said the news failed to lift Adani group stocks. At 10.45 am, Adani Enterprises was trading 0.97 per cent lower at Rs 102.40 on BSE.

Adani Ports & SEZ was trading 0.89 per cent higher at Rs 327.50. Adani Power was down about 1 per cent, while Adani Transmission was up 0.9 per cent.

The project has received all tier I approvals and is now awaiting the final parliamentary approval from the Australian federal government, Jeyakumar Janakaraj, chief of the conglomerate's Australian business told ET in an interview.