Shares of HMT surged 19 per cent intraday on Friday after the government said it is planning to revive its subsidiary HMT Machine Tools Ltd.
At 1.30 pm, HMT shares were trading 13.60 per cent up at Rs 47.60. The scrip opened at Rs 45 and had touched a high and low of Rs 49.70 and Rs 44.70, respectively, in trade so far. Later, the scrip settled the day 13.84 per cent up at Rs 47.70.
“Having closed down three of its subsidiaries, we are now looking to revive HMT Machine Tools as it is in the strategic sector,” a senior official of Department of Heavy Industry told PTI.
In the past one year, the share price of HMT slid 29.34 per cent to Rs 41.90 till March 3, whereas the BSE Sensex slid 16.85 per cent during the same period.
For the quarter ended December 2015, the company reported net loss of Rs 23.88 crore against net loss of Rs 23.37 crore in the same quarter last year.
The company is engaged in the manufacturing of various types of machine tools and printing machines.