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MarketScreener Homepage  >  Equities  >  MUMBAI STOCK EXCHANGE  >  Adani Enterprises Limited    512599   INE423A01024

ADANI ENTERPRISES LIMITED

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Australian state defers Adani coal mine royalties ahead of election

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10/01/2020 | 05:39am EDT
File photo of Indian billionaire Adani speaking during an interview with Reuters at his office in Ahmedabad

The Australian state of Queensland has agreed to defer royalty payments for Adani Enterprise's Carmichael thermal coal mine, the state's treasurer said on Thursday.

The royalty deferment comes ahead of a Queensland state election set for Oct. 31 and with the current Labor state government set to enter a so-called caretaker period on Oct. 5, when no major decisions are typically announced prior to the vote.

State Treasurer Cameron Dick did not say when Adani would start to pay royalties or how much revenue the state would collect, citing commercial-in-confidence agreements.

"I can assure you that Adani will pay every dollar in royalties that they have to pay to the people of Queensland... with interest," Dick said in a news conference. "That's absolutely locked in now."

Carmichael's development became a key issue during Australia's 2019 parliamentary election and part of the reason for the Labor party's shock defeat, after it failed to endorse the mine and suffered a swing against it from voters in coal heartlands near the mine in central Queensland.

The royalty deferral is the second by the Queensland government in a policy to support new mines, after a similar arrangement was brokered for New Century Zinc last year.

Carmichael has provoked controversy in Australia because it would open up a new thermal coal basin at a time of growing concerns over global warming, in a region that is in need of jobs.

Analysts have questioned the mine's viability, given a steep fall in coal prices in the past two years, and increasing pressure on banks and insurers not to lend to thermal coal companies because of climate change.

Adani has begun construction at Carmichael, which will start by producing 10 million tonnes per year of coal, and an associated rail project and expects first production in 2021.

(Reporting by Melanie Burton; Editing by Christian Schmollinger)


Stocks mentioned in the article
ChangeLast1st jan.
ADANI ENTERPRISES LIMITED -3.08% 311.75 End-of-day quote.49.92%
GOLD 0.75% 1920.73 Delayed Quote.25.92%
SILVER 1.24% 24.964 Delayed Quote.38.83%
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Financials
Sales 2021 394 B 5 356 M 5 356 M
Net income 2021 10 454 M 142 M 142 M
Net Debt 2021 - - -
P/E ratio 2021 32,8x
Yield 2021 -
Capitalization 343 B 4 654 M 4 655 M
Capi. / Sales 2021 0,87x
Capi. / Sales 2022 0,80x
Nbr of Employees 597
Free-Float 22,5%
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Technical analysis trends ADANI ENTERPRISES LIMITED
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 1
Average target price 204,00 INR
Last Close Price 311,75 INR
Spread / Highest target -34,6%
Spread / Average Target -34,6%
Spread / Lowest Target -34,6%
EPS Revisions
Managers
NameTitle
Rajesh Shantilal Adani Managing Director & Executive Director
Gautambhai Shantilal Adani Executive Chairman
Jugeshinder Singh Chief Financial Officer
Pranav Vinodbhai Adani Executive Director
Hemant Madhusudan Nerurkar Independent Non-Executive Director
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