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By Malvika Gurung
Investing.com — With shares of the flagship company of Adani Group, Adani Enterprises (NS:) rallying 14.7% on Friday to hit the day’s high at Rs 1,844 apiece, the mega-cap giant has announced that its wholly owned subsidiary Mundra Aluminium Limited (MAL) has emerged as the ‘Preferred Bidder’ for a mineral block auction held in Odisha.
Mundra Aluminium was invited by the Government of Odisha to participate in an auction proceeding for a mineral block in the state.
Adani Enterprises announced on Friday that its wholly owned subsidiary has been picked as the preferred bidder for the said auction by the Odisha Government, and a Letter of Intent (LOI) dated March 1, 2023, has been issued to MAL regarding the same.
As per the LOI details, the mineral block in the picture is ‘Ballada Bauxite Block’, and the location of the same has been stated as Nandapur in the Koraput District of Odisha.
The total geological resources in the picture stood at 22.13 million tonnes.
All the listed Adani Group stocks rallied in Friday’s session, led by Adani Enterprises and Adani Ports, while 6 out of 10 stocks hit a 5% upper circuit in the session.
Continue Reading: Adani Group Rally: Stocks Spike Upto 14%, 6/10 Stocks At 5% Upper Circuit
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