HM zooms up on restructuring report

DALAL STREET SPIKES

Hindustan Motors was in the limelight spurting more than 9.8 per cent on reports that the company is planning to hive off its engine and transmission business.

The stock closed at Rs 17.90, after hitting a day's high of Rs 19.55. The counter witnessed huge volumes of more than 55.5 lakh shares on the BSE alone.

Sources said that the counter has been witnessing renewed interest of late as the market was expecting restructuring on their business. Form a low of Rs 14 on November 12, the stock has now appreciated more than 49.5 per cent to Thursday's close of Rs 17.90.

There are also rumours doing rounds that the company is in advanced stages of selling its property to a leading corporate house in Kolkata.

According to reports, Temasek, Actis and Chrysallis Capital are said to be in talks with HM to pick up stake of over 26 per cent in the new company.