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HMT rallies on Cabinet nod for Rs 1,083 crore revival plan

The package includes cash infusion to the tune to Rs 450 crore and non-cash assistance of Rs 630 crore.

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has rallied about 8% to Rs 39.25 after the government approved over Rs 1,000-crore revival package for and tractor maker that aims to modernise the company and help it turn around in five years.

“The Cabinet Committee on Economic Affairs (CCEA) has approved the Rs 1,083-crore revival package of HMT,” the PTI report suggests.

The package includes cash infusion to the tune to Rs 450 crore and non-cash assistance of Rs 630 crore. The cash component of the package would be used for modernisation, meeting the working capital needs and for wage revision.

The stock has rallied 38% in past three trading sessions compared to 1.8% rise in benchmark Sensex on hopes of revival plan.

Today, the stock opened at Rs 37.90 and hit a high of Rs 39.45 in early morning trades on BSE. A combined around 250,000 shares have changed hands on the counter on BSE and NSE.
 

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Today's picks- 21 October 2014

Nifty, Bank Nifty, BHEL, GAIL & Hindustan Unilever

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