The Union Cabinet on Thursday cleared the closure of Haryana-based tractor division of HMT by offering voluntary retirement scheme (VRS) or voluntary separation scheme (VSS) at 2007 notional payscales to enable the public sector unit focus on its core
Any plan to revive distressed state-owned companies should not include selling of land and other capital assets of those companies, a high-powered panel under NITI Aayog on revival of sick public sector units (PSUs) is believed to have suggested.
Shares of HMT has surged 18% to Rs 58.80, extending its previous day’s rally on the BSE, after the company said that it has signed a Memorandum of Understanding (MoU) with Germany company, Fraunhofer-Gesellschaft, for technology upgradation.
Finance Minister Arun Jaitley’s Wednesday statement that the government is open to privatising sick public-sector undertakings seems to offer hope on 79 state-run companies that had an accumulated loss of Rs 55,656 crore in 2012-13, according to the
Shares of state-owned companies having the government holding more than 80% are in limelight after the capital market regulator said that all listed public sector undertakings (PSU) companies should have at least 25% public shareholding in three years.
Government today announced a financial package of about Rs 77.4 crore for the state-run HMT Limited and its subsidiary HMT Machine tools Ltd to make payments of salary, wages and statutory dues such as PF and gratuity to its employees.
Bangalore-based HMT Ltd, manufacturer of machine tools and watches on Thursday, informed BSE that the government has approved revival and financial restructuring plan for the company as recommended by the BRPSE, which envisages financial support, waivers
HMT has rallied about 8% to Rs 39.25 after the government approved over Rs 1,000-crore revival package for watch and tractor maker that aims to modernise the company and help it turn around in five years.
Shares of select public sector undertakings (PSU) companies are in focus ahead of their chiefs meeting with Prime Minister Manmohan Singh today to discuss capital expenditure plans, as well as issues hurting growth of their respective industries.