Adani Green Energy (AGEL) doubled investor wealth in the last one year despite the market volatility. The stock has risen rose 113 percent, from around Rs 32 last year to Rs 68 currently. In comparison, the BSE Sensex has gained 8 percent during this period. AGEL is a subsidiary of the Adani Group and one of the largest renewable power generation companies in India.

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The stock hit its 52-week high of Rs 74.30 on October 9, 2019, and a 52-week low of Rs 29.15 on October 10, 2018. The stock has risen nearly 75 percent since the beginning of this year.

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Earlier in the month, the company informed exchanges that it has raised $362.50 million via a dollar bond issuance. The dollar bonds, which have a maturity of 20 years, bear an interest rate of 4.625 percent. The stock has gained 11 percent in trade since the announcement.

“The issuers intend to use all of the proceeds to repay their respective foreign currency loans, rupee borrowing and the balance of the net proceeds for capital expenditure, other project-related liabilities or for general corporate purposes, in accordance with guidelines prescribed by the Reserve Bank of India (RBI),” the company said in an October 4 BSE filing.

The proceeds raised through the bond issuance will be used explicitly for three subsidiaries of Adani Green — Wardha Solar (Maharashtra) Pvt Ltd, Kodangal Solar Park Pvt Ltd, and Adani Renewable Energy (RJ) Ltd, it added.

Earlier this year, the company also signed a securities purchase agreement for the acquisition of 205 MW operating solar assets of Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL).

The government's push for renewable energy has also kept the stock in focus. "Our business focus is aligned with the government's vision to raise renewables-based power generation capacity and make our nation a world leader in the renewables space. Adani Green Energy continues to invest in developing capabilities to provide reliable, sustainable, round the clock green power for India's growing power needs," Adani Green Energy chairman Gautam Adani said in a statement.

However, in Q1, the firm reported a widening of consolidated net loss to Rs 97.44 crore in June quarter from Rs 74.26 crore a year ago, mainly due to higher finance cost and an exceptional adjustment. The consolidated loss in June quarter after cash profit was at Rs 77 crore.

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