The Binani Industries stock appreciated by 26 per cent from Rs 31 to Rs 38.95 in a bearish market last week. The scrip began its northward journey after the company announced that its board of directors will meet on November 18 to consider a buyback of its equity shares.
The combined volume on the counter has more than doubled, with 1.19 million equity shares changing hands in the last week as compared with 557,210 shares traded in the previous week. The Bombay Stock Exchange’s Sensex has declined by 5.81 per cent from 9,964.29 on November 7 to close at 9,385.42 on Friday.
The group operates in three segments — cement, zinc and by-products and glass fibre. The company is engaged in manufacturing and marketing of cement and non-ferrous metals and has reported a net loss of Rs 4.12 crore in July-September FY09 compared with a net loss of Rs 2.89 crore during the same quarter last year.
