HMT shares soar nearly 13.84% on revival plan

Shares of HMT zoomed nearly 15 per cent on Friday after reports said that the government was targeting revival of HMT Machine Tools. 

The stock jumped 13.84 per cent to settle at Rs 47.70 on BSE. Intra-day, it gained 18.61 per cent to Rs 49.70. At NSE, shares of the company advanced by 14.64 per cent to close at Rs 47.75. The company added Rs 429.95 crore to Rs 3,614.95 crore in market valuation. In terms of volume, 3.45 lakh shares of the company changed hands at BSE and over 18 lakh shares were traded at NSE during the day.

“Having closed down three of its subsidiaries, we are now looking to revive HMT Machine Tools as it is in the strategic sector,” a senior official of Department of Heavy Industry said. 

The government had decided to close three unviable units of HMT including the once popular HMT Watches, by offering a voluntary retirement scheme (VRS) to employees.