Adani Enterprises has applied for financing from an Australian infrastructure fund, to lay a rail line that is part of a $16-billion coal project in the state of Queensland, said the Australian Resources Minister in a statement.
The market observers believe that a fresh inflow of funds from the Northern Australian Infrastructure Facility (NAIF) would empower Adani, after certain banks backed out from the controversial coal projects rolled out by Adani in Australia.
Since the inception of the project, Adani’s Carmichael project faced many hurdles from several green groups, who say that this project will contribute to global warming in the forthcoming years.
NAIF was established by the Australian Government last year to promote and boost economic development of Australia’s northern part, by offering financial aid to infrastructure projects, which include airports, railroads and ports.
Stock View:
Adani Enterprises Ltd is currently trading at Rs 96.45, up by Rs 2.4 or 2.55% from its previous closing of Rs 94.05 on the BSE.
The scrip opened at Rs 97.7 and has touched a high and low of Rs 98 and Rs 95.8 respectively. So far 1432827(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 10343.62 crore.
The BSE group 'A' stock of face value Rs 1 has touched a 52 week high of Rs 100.7 on 28-Feb-2017 and a 52 week low of Rs 58.35 on 09-Nov-2016. Last one week high and low of the scrip stood at Rs 99.25 and Rs 92.85 respectively.
The promoters holding in the company stood at 75 % while Institutions and Non-Institutions held 20.53 % and 4.47 % respectively.
The stock is currently trading above its 50 DMA.
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