Adani Infra Buys 21.83% Stake in PSP Projects: Stock Surges Despite Market Sell-Off

PSP Projects share: Amidst the sell-off in the market, some stocks rose at a stormy pace on Tuesday. On the second trading day of the week, the pace of the stock of PSP Projects Limited was also stormy. The reason for this is a news related to the Adani Group. Before knowing about this news, let us look at the share performance of PSP Projects Limited.

PSP Projects Share Rallies Amid Market Sell-Off

During trading on Tuesday, the share of PSP - Projects Limited reached Rs 723.95. The stock saw a rise of about 12 percent compared to the closing of the previous day. At the end of trading, the share price was at Rs 701.20. This shows a gain of 9.29% compared to the day before. In the month of July, the stock went up to Rs 842.50. This is the 52-week high of the stock.

Adani Group Boosts PSP Projects With Major Stake Purchase

Adani Group company Adani Infra on Monday bought 21.83% stake or 86.5 lakh shares in PSP Projects through a block deal on BSE. The deal was done at ₹ 640 per share or about ₹ 554 crore. According to exchange data, promoter Prahladbhai S Patel sold 91 lakh shares at ₹ 640.01 per share. Prahladbhai S Patel held 47.76% stake in the company as of the end of June. Adani Infra had signed a definitive deal to acquire up to 30.07% stake in PSP Projects from Patel in November 2024.

Market in sell-off mode

The rise in the stock of PSP Project Limited on Tuesday is also important because the market was in sell-off mode. The 30-share BSE Sensex closed at 80,710.25, down 308.47 points, or 0.38 per cent. The National Stock Exchange's Nifty also closed at 24,649.55, down 73.20 points, or 0.30 per cent.

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