Meanwhile, the BSE Sensex was up 122.68 points, or 0.63%, to 19,536.22.

On BSE, 72,000 shares were traded in the counter as against an average daily volume of 1.29 lakh shares in the past one quarter.

The stock hit a high of Rs 53.80 and a low of Rs 51.70 so far during the day. The stock had hit a 52-week high of Rs 84 on 25 October 2012. The stock had hit a 52-week low of Rs 27.50 on 15 May 2012.

The stock had underperformed the market over the past one month till 7 March 2013, sliding 15.89% compared with the Sensex's 0.85% fall. The scrip had also underperformed the market in past one quarter, falling 30.08% as against Sensex's 0.05% fall.

The small-cap real estate company has an equity capital of Rs 55.84 crore. Face value per share is Rs 2.

According to the report, the deal values the Pune-based project's total development potential of 2-million square feet at Rs 230 crore. The process of due diligence is already over. Both parties are negotiating final terms and valuation. The transaction is likely to be concluded soon after the board of Peninsula Land clears it, report added.

Net profit of Peninsula Land surged 246.96% to Rs 36.50 crore on 204.48% spurt in net sales to Rs 138.11 crore in Q3 December 2012 over Q3 December 2011.