HMT races on joint venture plan with Mitsubishi

DALAL STREET SPIKES

The HMT scrip was up 4.55 per cent to Rs 93 as compared with its previous close of Rs 88.95 with around 36.20 lakh shares traded on the BSE on Wednesday.

The price of the stock moved up on reports that the company is planning to enter into a joint venture with Japanese automaker Mitsubishi to manufacture multi-utility vehicles.

However, talks on this joint venture is at a nascent stage. The company's net sales increased 14.39 per cent to Rs 49.04 crore as compared to 42.87 crore last year for the same quarter. HMT posted a lower net loss of Rs 1.56 crore (net loss of Rs 15.51 crore).