Government today announced a financial package of about Rs 77.4 crore for the state-run HMT Limited and its subsidiary HMT Machine tools Ltd to make payments of salary, wages and statutory dues such as PF and gratuity to its employees.
Bangalore-based HMT Ltd, manufacturer of machine tools and watches on Thursday, informed BSE that the government has approved revival and financial restructuring plan for the company as recommended by the BRPSE, which envisages financial support, waivers
HMT has rallied about 8% to Rs 39.25 after the government approved over Rs 1,000-crore revival package for watch and tractor maker that aims to modernise the company and help it turn around in five years.
Shares of select public sector undertakings (PSU) companies are in focus ahead of their chiefs meeting with Prime Minister Manmohan Singh today to discuss capital expenditure plans, as well as issues hurting growth of their respective industries.
The loss-making HMT Watches Limited has devised a multi-pronged strategy for revival by introducing new models, infusing fresh capital, through sale of its surplus land at Ranibagh in Uttarakhand and other places and also through various tie-ups with
Shares of state-owned companies such as HMT and ITI have rallied more than 10% each on reports that the government is likely to infuse funds to revive the loss-making public sector undertakings (PSUs).
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.