Shares of HMT today soared nearly 15 per cent on the bourses after the Board for Reconstruction of Public Sector Enterprises (BRPSE) recommended a Rs 950 crore revival package for the company.
After opening on a robust note, the stock gained further and shot up 14.7 per cent to reach the day’s high of Rs 47.95 on the BSE.
On the NSE, it was up 14.8 per cent at Rs 48.05.
At 12.45 p.m., however, the stock pared gains and was trading at Rs 45.95, up 9.93 per cent on the BSE.
The package aims at financial restructuring as well as the upgrading of technology, plant and machinery as part of modernisation.
HMT Ltd, which is under the Department of Heavy Industries, manufactures tractors and watches.
Rally in the stock outperformed the weak broader market, where the BSE benchmark Sensex was trading at 17,272 .56, down 213.46 points at 12.45 p.m..