Adani Enterprises Adds To Positive Sentiment As Mining Arm Lands Preferred Bidder Tag For Odisha Bauxite Block

Shares of Adani Group‘s flagship company Adani Enterprises skyrocketed over 14% on Friday as the group stocks continued recovery after FII’s ₹19,500 crore infusion.

What Happened: Adding to the positive sentiment the company on Friday announced that its wholly owned subsidiary Mundra Aluminium Limited was declared the ‘preferred bidder’ for a bauxite block in Odisha.

The company informed that the state government also issued a ‘Letter of Intent’ to the company on March 1. The block located in Odisha’s Koraput District has a total geographical resource of 22.13 million tonnes.

See Also: Adani Group Intends To Repay Up To $790 Million Share-Backed Loans By March: Report

This is the second bauxite block that the company has secured this week. Earlier in the week, Mundra the company was declared the ‘preferred bidder' for Odisha's Kutrumali Bauxite Block located in the Kalahandi/Rayagada districts of Odisha. The block has a total geographical resource of 128 million tonnes.

Shares of the company have jumped over 35% in the past five sessions.

Price Action: Adani Enterprises shares were up 13.15% to trade at ₹1,818.00 on Friday afternoon.

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