Adani Energy Solutions Rises 5.5% on PM-DHARA Scheme Boost

Shares of Adani Energy Solutions continued their upward trend for a third consecutive day on Thursday, defying the overall quiet market mood. The stock opened trading at ₹1,318.10 and climbed steadily to reach an intraday peak of ₹1,385.90, marking an increase of nearly 5.5 percent. This follows a 7 percent rise over the last three sessions, contrasting with a nearly 1 percent drop in the benchmark Nifty 50 index during the same period.

The rally in Adani Energy Solutions shares was sparked by the Union Cabinet’s recent approval of the Prime Minister’s Developing Harmonized and Accelerated Renewable-energy Access (PM-DHARA) scheme. This ambitious plan, valued at ₹1.86 trillion, aims to establish an intra-state transmission network featuring 50GWh of battery storage capacity. Its purpose is to facilitate the evacuation of 135 gigawatts of renewable energy, supporting India’s green energy targets.

By 10:35 AM, the stock was trading near its highest level of the day at ₹1,384, significantly outperforming the broader market, as the Nifty 50 index edged down by 0.20 percent. Trading volumes surged, with over 4 million shares exchanging hands on the National Stock Exchange (NSE), amounting to ₹544.1 crore in value. This was a sharp rise from the previous session’s 1.15 million shares and positioned the stock among the top traded equities by value on the NSE.

The PM-DHARA scheme is viewed by market analysts as a substantial development for companies involved in power transmission. It aligns with India’s goal of reaching 500 gigawatts of renewable energy capacity by 2030, a target that requires significant enhancements to transmission infrastructure. Experts note that the initiative will expand intra-state networks to evacuate green energy, directly benefiting firms like Adani Energy Solutions.

Kranthi Bathini, director of equity strategy at WealthMills Securities, highlighted the sector’s resilience amid rising power demand. She pointed out that expansion is necessary not only in transmission and distribution but also in power generation, with increasing consumption driven by the growth of data centers across India. Bathini added that government measures such as PM-DHARA create a positive environment for transmission companies, including Adani Transmission, a related entity within the Adani Group.

Technical analysts have also responded positively to the stock’s movement. Harish Jujarey, AVP and head of technical equity research at Prithvi Finmart, observed that after several months of price correction, Adani Energy Solutions found support near its 200-day moving average this week. The stock then staged a sharp recovery, breaking out of a bullish Head and Shoulders pattern on hourly charts, which was supported by increased trading volumes.

Jujarey noted that the Relative Strength Index (RSI) had entered deeply oversold levels, suggesting further room for price recovery. He projected that the stock could extend its upward momentum towards the 50-day moving average, located around ₹1,500, in the short term. On the downside, the 200-day moving average near ₹1,280 is expected to provide solid support.

Adani Energy Solutions is part of the Ahmedabad-based Adani Group, which has a diversified portfolio across energy and infrastructure sectors. The company specializes in power transmission and distribution services. Exchange data shows the stock has gained 32 percent so far in 2026 and 54 percent over the last year.

This surge in Adani Energy Solutions shares reflects the growing investor confidence in India’s renewable energy infrastructure sector, backed by government initiatives and strong market fundamentals. The PM-DHARA scheme represents a significant step in strengthening the country’s power grid to accommodate increasing renewable energy generation, which is crucial for meeting environmental targets and energy security.

Disclaimer: The views and forecasts expressed are those of the respective analysts and brokerage firms. They do not necessarily reflect the opinions of Business Standard. Readers should exercise their own judgment when making investment decisions.