HMT rose 3.70% to Rs 30.85 at 12:08 IST on BSE after the company said the government has approved revival plans of the company.
The company made the announcement during trading hours today, 11 March 2014.
Meanwhile, the BSE Sensex was down 66.28 points, or 0.30%, to 21,868.55.
On BSE, so far 1.96 lakh shares were traded in the counter, compared with an average volume of 89,439 shares in the past one quarter.
The stock hit a high of Rs 32.75 and a low of Rs 29.55 so far during the day. The stock hit a 52-week high of Rs 39.45 on 22 April 2013. The stock hit a 52-week low of Rs 20.70 on 19 August 2013.
The stock had outperformed the market over the past one month till 10 March 2014, rising 14.86% compared with the Sensex's 7.87% rise. The scrip had also outperformed the market in past one quarter, rising 3.84% as against Sensex's 3.20% rise.
The small-cap company has an equity capital of Rs 760.35 crore. Face value per share is Rs 10.
HMT announced that the government has issued formal sanction for non-cash assistance in the form of conversion of Government of India (GoI) loans into equity to the extent of Rs 443.74 crore for which the company has to issue equity share of equivalent amount to the GoI on the face value of Rs 10 per share.
Further, the GoI has also conveyed the formal sanction of Rs 201.88 crore towards waiver of interest upto 31 March 2012 and Rs 3.76 crore towards wavier of Gol guarantee fee respectively. The company said it will take further steps in the matter as per procedure.
HMT reported a net loss of Rs 32.63 crore in Q3 December 2013, higher than net loss of Rs 28.89 crore in Q3 December 2012. Net sales dropped 56.8% to Rs 21.28 crore in Q3 December 2013 over Q3 December 2012.
HMT was incorporated in 1953 by the Government of India as a machine tool manufacturing company. Over the years, the company diversified into watches, tractors, printing machinery, metal forming presses, die casting & plastic processing machinery, CNC systems and bearings. Government owned 90% stake in HMT (as per shareholding pattern as on 31 December 2013).
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