HMT soars on revival hopes
HMT has soared 9% to Rs 68.15 on reports that the debt-laden company has hired consulting firm PricewaterhouseCoopers Pvt. Ltd (PwC) to help devise a revival strategy.
PwC will study state-controlled HMT’s products, business plans and suggest investment strategies for the next five years, reports suggest.
The Bangalore-based HMT, which has posted losses for the past two decades and has a debt of Rs 1,631 crore as on March 31, 2010.
The stock opened at Rs 62.15 and hit a high of Rs 68.70 on the NSE. The trading volume have jumped more than five-fold with 2.18 million shares changing hands so far, as against an average around 400,000 shares that were traded daily in past two weeks.