HMT rose 12% to Rs 56 at 10:03 IST on BSE after the company clarified that it signed a memorandum of understanding with a German company.
The clarification was issued after market hours yesterday, 6 October 2015.
Meanwhile, the BSE Sensex was up 62.96 points, or 0.23%, to 26,995.84.
On BSE, so far 4.34 lakh shares were traded in the counter, compared with an average volume of 77,000 shares in the past two weeks.
The stock hit a high of Rs 57.80 and a low of Rs 53.20 so far during the day. The stock hit a 52-week high of Rs 77.80 on 15 January 2015. The stock hit a 52-week low of Rs 28.35 on 13 October 2014.
With reference to the news titled, "Fraunhofer-Gesellschaft signs MoUs with govt, HMT", HMT clarified that it signed an Memorandum Of Understanding (MoU) with Fraunhofer on 6 October 2015, pertaining to technology upgradation for developing latest technology machines by HMT's subsidiary, HMT Machine Tools. The MoU was signed in the presence of Prime Minister Narendra Modi and German Chancellor Mrs. Angela Merkel at a function organized by Nasscom at Bangalore, HMT added.
HMT reported net loss of Rs 25.22 crore in Q1 June 2015 as against net loss of Rs 23.32 crore in Q1 June 2014. Net sales declined 19.19% to Rs 10.53 crore in Q1 June 2015 over Q1 June 2014.
Incorporated in 1953, by the Government of India as a Machine Tool manufacturing company, it later diversified into watches, tractors, printing machinery, metal forming presses, die casting & plastic processing machinery, CNC systems & bearings. Today, HMT comprises five subsidiaries under the ambit of a Holding Company, which also manages the Tractors Business directly.
The Government of India holds 90% stake in the firm as at 30 September 2015.
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