HMT has surged 11% to Rs 46.50 on reports that the board for Reconstruction of Public Sector Enterprises (BRPSE) has recommended a revival package worth of Rs 950- crore for the state-owned company.
Shares of state-owned companies such as HMT, ITI and Scooters India have rallied more than 9% each on reports that the government is likely to revert to the policy of using 25% of the disinvestment proceeds for reviving sick public sector undertakings
HMT Watches and Department of Posts have entered into an agreement for retailing watches through post offices across the country as part of HMT’s strategy to provide more diversified services to the public.
Hindustan Machine Tools (HMT) and ITI has soared more than 9% each on reports that the government has formulated a revival plan for the ailing state-owned companies. The plan includes implementation of pay revision for the employees.
The company's net loss has widened from Rs 17.56 crore in the corresponding quarter previous fiscal, it said in a filing to the Bombay Stock Exchange (BSE).
A Parliament committee on Wednesday slammed the government for sitting over a proposed revival package for Hindustan Motors Ltd (HMT) for over five years.
HMT has soared 9% to Rs 68.15 on reports that the debt-laden company has hired consulting firm PricewaterhouseCoopers Pvt. Ltd (PwC) to help devise a revival strategy.
Public sector enterprise HMT Watches is likely to receive a revival package from the government by the beginning of the next financial year for plant upgradation and revamping marketing strategy, a top company official said.
Shares of HMT hit the 10 per cent upper circuit, to Rs 31.90, on reports that the government has allowed 10 sick PSUs, including HMT, to sell their surplus land and raise resources.
