HMT up on the buzz

PSU, HMT is buzzing loud and strong today. The stock is currently up over 6% at Rs.28.95, with an intra day high at Rs.29.50. Volumes have spiked up almost 4 times. Its 52-week high is at Rs.40.80.

The PSU stock is up today after the Govt approved a revival and restructuring package of Rs 1,083 crore which includes a cash infusion of Rs 425 crore. The company, against this cash, will isue 8% redeemable preferential shares. Also the board of directors  approved the allotment of fully paid-up 8% redeemable preference shares of Rs 100 each for a face value of Rs 217 crore in favour of President of India. That is redeemable within two years as per the terms of sanction of the investment by Government.