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HMT shares rise 20% after government’s plan to revive subsidiaries

Shares of HMT rose nearly 20 per cent on Friday as the government is eyeing revival of HMT Machine Tools.

HMT-AV

The stock advanced by 18.61 per cent intraday to Rs 49.70 on BSE but closed 13.84 per cent higher, while on NSE it rose as much as 19.92 per cent.

“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 said.

The government had decided to close three unviable units of HMT including the once popular HMT Watches, along with HMT Chinar Watches and HMT Bearings, by offering a voluntary retirement scheme (VRS) to employees.

HMT Machine Tools Limited was carved out as a subsidiary of HMT Ltd (having 100 per cent shareholding) in the year 2000 with its head office in Bengaluru.

The company has facilities for manufacturing various types of machine tools and printing machines in its units located at Bengaluru, Pinjore, Kalamassery, Hyderabad and Ajmer.

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