Hind Motors drives up on supply deal hint

DALAL STREET SPIKES

Hindustan Motors (HM) stock was in the limelight in the morning trades on reports that the company is in talks with global car majors for the supply of components.

The stock in intra-day trades hit a high of Rs 33.90 before closing 2.76 per cent lower at Rs 31.65. More than 15,82,000 shares were traded on BSE.

Brokers said, today's jump was purely on media reports that CK Birla-controlled Hindustan Motors is in talks with Volkswagen and Peugeot for supply of components.

However, the counter witnessed profit booking at higher levels." The counter has been range bound of late. For the quarter ended March 31, Hindustan Motors posted a net loss of Rs 2.97 crore as against a net loss of Rs 17.74 crore in the same quarter of the previous year.

Net sales grew 16.27 per cent to Rs 269.6 crore (Rs 231.88 crore). For the full year ended March 31, net loss stood at Rs 30.66 crore while net sales stood at Rs 928.4 crore.