Adani Enterprises shares hit new 52-week high on LoA for highway construction

Adani Road Transport led consortium has received a letter of award for six laning of national corridor NH-19 from Panagarh to Palsit in West Bengal under Bharatmala Pariyojana.

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Adani Enterprises share price added a percent intraday on April 5 after the company along with its wholly owned subsidiary company, Gare Palma II Collieries Private Limited signed coal mining agreement with Maharashtra State Power Generation Company.

Adani Enterprises along with its subsidiary company, Gare Palma II Collieries Private Limited has signed coal mining agreement with Maharashtra State Power Generation Company (MAHAGENCO) for development and operation of Gare Palma Sector II coal mine.

The coal ministry had allocated the coal mine in Raigarh district of Chhattisgarh to MAHAGENCO in 2015, Adani Enterprises said in a filing to BSE on April 2.

The coal block was allotted for development, operation and captive consumption of coal to its end use thermal power plants located at Koradi, Chandrapur 8- Parli.

As per the approved mining plan, the peak rated capacity of mine is 23.6 million tonnes per annum with total mineable reserve of 553.177 MT for opencast mine.

MAHAGENCO had floated a tender for selection of mine developer and operator for development and operation of Gare Palma II coal mine in March 2016. After a reverse auction, Adani Enterprises Ltd emerged as L-1 bidder.

The contract period will be for 34 years, including for mine development and final mine closure, according to a PTI report.

Also, Adani Road Transport (ARTL), a wholly owned subsidiary of Adani Enterprises, has received a letter of award for the development of six lane Badakumari – Karki Section of NH-130-CD road under Raipur-Visakhapatnam Economic Corridor in Odisha on HAM.

ARTL led consortium has received a letter of award for six laning of national corridor NH-19 from Panagarh to Palsit in West Bengal under Bharatmala Pariyojana.

The stock was trading at Rs 1,111.75, up Rs 4.45, or 0.40 percent at 10:12 hours. It has touched a 52-week high of Rs 1,150.20. It has touched an intraday high of Rs 1,150.20 and an intraday low of Rs 1,098.60.