HMT shares surge 15% on revival package
Mumbai: Shares of HMT on Monday soared by nearly 15 percent on the bourses after the Board for Reconstruction of Public Sector Enterprises (BRPSE) recommended a Rs 950 crore revival package for the company.
After opening on a robust note, the stock gained further and shot up 14.7 percent to reach the day's high of Rs 47.95 on the BSE.
At the NSE, it was up 14.8 percent at Rs 48.05.
At 1245 hrs, however, the stock pared some gains and was trading at Rs 45.95, up 9.93 percent on the BSE.
The package aims at financial restructuring as well as the upgrading of technology, plant and machinery as part of modernisation.
HMT Ltd, which is under the Department of Heavy Industries, manufacturing tractors and watches.
Rally in the stock outperformed the weak broader market, where the BSE benchmark Sensex was trading at 17,272 .56, down 213.46 points at 1245 hours.