HMT rallies on speculation over govt revival plan
The proposal involves cash infusion of around Rs 450 crore and non-cash assistance of around Rs 630 crore.
HMT has rallied 15% to Rs 32.60 on back of heavy volumes on reports that the government is mulling Rs 1,000 crore revival plans for the company.
“The Cabinet Committee on Economic Affairs (CCEA) is likely to consider an over Rs 1,000-crore revival package for the Bangalore-based HMT Ltd on Thursday,” the Hindu Business Line report suggests.
The proposal involves cash infusion of around Rs 450 crore and non-cash assistance of around Rs 630 crore, adds report.
This should help revive the company which has been struggling to make profits since March 2008.
The stock opened at Rs 30.25 and hit a high of Rs 34.20 on NSE. A combined 1.16 million shares have already changed hands on the counter till 1046 hours against an average sub 100,000 shares that were traded daily in past two weeks on NSE and BSE.
“The Cabinet Committee on Economic Affairs (CCEA) is likely to consider an over Rs 1,000-crore revival package for the Bangalore-based HMT Ltd on Thursday,” the Hindu Business Line report suggests.
The proposal involves cash infusion of around Rs 450 crore and non-cash assistance of around Rs 630 crore, adds report.
This should help revive the company which has been struggling to make profits since March 2008.
The stock opened at Rs 30.25 and hit a high of Rs 34.20 on NSE. A combined 1.16 million shares have already changed hands on the counter till 1046 hours against an average sub 100,000 shares that were traded daily in past two weeks on NSE and BSE.