Binny rose 2.03% to Rs 95.50 at 13:10 IST on BSE after the company's board approved the proposal to sell land to an extent of 1.61 acres situated at Vyasarpadi, Chennai for a consideration of Rs 24.58 crores or higher price.
The company made announcement during market hours today, 20 November 2015.
Meanwhile, the BSE Sensex was up 179.49 points, or 0.69%, to 26,032.39.
On BSE, so far 3,582 shares were traded in the counter, compared with an average volume of 3,036 shares in the past one quarter.
The stock hit a high of Rs 52.25 and a low of Rs 50.85 so far during the day. The stock hit a record high of Rs 67 on 17 July 2015. The stock hit a record low of Rs 41.20 on 25 August 2015.
The stock had underperformed the market over the past one month till 19 November 2015, falling 40% compared with Sensex's 5.57% decline. The scrip had also underperformed the market in past one quarter, declining 26.3% as against Sensex's 7.48% fall.
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The small-cap textile company has an equity capital of Rs 11.16 crore. Face value per share is Rs 5.
Binny also authorized M.Nandagopal, Executive Chairman and Arvind Nandagopal, Managing Director of the company severally to finalise the sale of the land and execute the necessary sale agreement.
Binny reported net loss of Rs 1.84 crore in Q2 September 2015 compared with net profit of Rs 1.42 crore in Q2 September 2014. Net sales fell 25.2% to Rs 1.93 crore in Q2 September 2015 over Q2 September 2014.
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