This Adani Group stock has doubled your money in six weeks
Shares of Adani Green Energy (AGEL) continued their upward journey on Thursday, hitting a new high of Rs 92.85, up 16 per cent on the BSE on heavy volumes. AGEL is a subsidiary of the Adani Group and one of the largest renewable power generation companies in India.
In the past six weeks, AGEL has zoomed 107 per cent from level of Rs 44.95 on September 5. In comparison, the S&P BSE Sensex has gained 6 per cent during this period.
Last week, AGEL said it has raised $362.5 million through a dollar bond issuance. “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 a press release.
