HMT clocking good time

HMT is in the limelight today after a long time. The stock is up currently over 11% at Rs.55 levels with an intra day high of Rs.57.80 and low at Rs.53.20.

The PSU where Govt of India holds 90% stake is up after it issued a clarification that it has signed a MoU with German company, Fraunhofer-Gesellschaft. This MoU is for technology upgradation for developing latest technology machines by HMT's subsidiary, HMT Machine Tools. The MoU was signed in the presence of Prime Minister Narendra Modi and German Chancellor Mrs. Angela Merkel at a function organized by Nasscom at Bangalore, HMT added.

HMT Limited, formerly Hindustan Machine Tools Limited, manufactures tractors, watches under its watch division and industrial machines and tools mainly under its Praga division. It has a work force of 2,806 with manufacturing units located at Bangalore, Pinjore, Kalamassery, Hyderabad and Ajmer.