Shares of engineering firm HMT on Wednesday surged 19 per cent after the company signed a pact with a German firm Fraunhofer for technology upgradation.
The share price of the company closed 19 per cent up at Rs 59.50. It opened at Rs 55.40 and touched a high and low of Rs 60 and Rs 53.20, respectively, in trade.
Fraunhofer is Europe’s largest application-oriented research organisation.
“HMT has signed an MoU with Fraunhofer, pertaining to technology upgradation for developing latest technology machines by our subsidiary HMT Machine Tools Ltd.
“The MoU was signed in the presence of Prime Minister Narendra Modi and German Chancellor Angela Merkel,” HMT had said in a BSE filing yesterday.
(With inputs from PTI)