HMT, ITI soar on govt plans to infuse funds
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).
HMT has rallied 18% to Rs 48.55 on back of over five-fold jump in trading volumes. As many as a combined 2.98 million shares have already changed hands on the counter, against around 0.50 million shares that were traded daily in past trading days on the NSE and BSE.
According to TV channel reports, the government mulls Rs 993 crore revival plans for HMT, of which Rs 441 crore by way of cash infusion.
ITI too, have surged 14% at Rs 26.15 in late noon trades with a combined 1.87 million shares changing hands on the counter so far on both the exchanges.