 "HMT shares soar 20% on revival plan for subsidiary")
The stock advanced by 18.61% to Rs 49.70 on BSE.
On NSE, shares of the company jumped 19.92% to Rs 49.95.
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The government had decided to close three unviable units of HMT, including the once popular HMT Watches, along with HMT Chinar Watches and HMT Bearings, by offering a voluntary retirement scheme to employees.
HMT Machine Tools Limited was carved out as a subsidiary of HMT Ltd (having 100% shareholding) in the year 2000 with its head office in Bengaluru.
The company has facilities for manufacturing various types of machine tools and printing machines in its units located at Bengaluru, Pinjore, Kalamassery, Hyderabad and Ajmer.
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