AI Trade Turns Adani’s Energy Stocks Into India Proxy Play

Adani Group’s push into green-powered data centers is driving gains in its energy units, which have become one of the few artificial intelligence trades in India.

The conglomerate’s plan to invest $100 billion by 2035 to develop AI-ready data centers is positioning it as a potential supplier for hyperscalers. That, alongside India’s record electricity demand, has lifted Adani Green Energy Ltd.’s shares nearly 70% this quarter, while Adani Energy Solutions Ltd. and Adani Power Ltd.’s surged about 50% each, outpacing the BSE’s power gauge.