 "HMT zooms over 40% in two days on signing MoU with Fraunhofer")
Shares of HMT has surged 18% to Rs 58.80, extending its previous day’s rally on the BSE, after the company said that it has signed a Memorandum of Understanding (MoU) with Germany company, Fraunhofer-Gesellschaft, for technology upgradation.
"HMT has signed an MoU with Fraunhofer on 6th October 2015, pertaining to technology upgradation for developing latest technology machines by our subsidiary HMT Machine Tools Ltd,” HMT said in a BSE filing.
The MoU was signed in the presence of Prime Minister Narendra Modi and German Chancellor Angela Merkel, it added.
In past two-days, the stock zoomed 41% from Rs 41.70 on Tuesday on back of heavy volumes. A combined 3.3 million shares changed hands against an average sub one million shares that were traded daily in past two weeks on the BSE and NSE.
At 12:47 pm, the stock was up 17% at Rs 58.35 on the BSE.
"HMT has signed an MoU with Fraunhofer on 6th October 2015, pertaining to technology upgradation for developing latest technology machines by our subsidiary HMT Machine Tools Ltd,” HMT said in a BSE filing.
The MoU was signed in the presence of Prime Minister Narendra Modi and German Chancellor Angela Merkel, it added.
In past two-days, the stock zoomed 41% from Rs 41.70 on Tuesday on back of heavy volumes. A combined 3.3 million shares changed hands against an average sub one million shares that were traded daily in past two weeks on the BSE and NSE.
At 12:47 pm, the stock was up 17% at Rs 58.35 on the BSE.
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