Indian industrial firms gain $48B as AI demand lifts stocks
Business
Indian industrial companies are riding the global AI wave, with huge demand for data-center gear like transformers and cables.
This year alone, a Bloomberg index tracking 28 Indian firms shot up 45%, adding $48 billion to their market value, even as the broader NSE Nifty 500 lost over $300 billion.
Sterlite Technologies spikes 500%
Sterlite Technologies stole the show with a massive 500% stock jump after landing a $1.1 billion US contract.
MTAR Technologies more than tripled its value, and HFCL gained 176%.
Foreign investors are also piling in. Industrial shareholding hit a two-year high, and Amazon is investing billions in India's cloud infrastructure, while Alphabet is investing billions in India's AI infrastructure hub.