HMT surges on land sale plan buzz

MUMBAI: Shares of Hindustan Machine Tools (HMT) surged higher in trade today on reports that the government is planning to revive the company by selling off its prime properties.

The government may look at selling off prime properties in Karnataka, Kerala, Andhra Pradesh, Haryana and Rajasthan.

Meanwhile, HMT has approved the increase in authorised share capital of the company from Rs 1450 crore to Rs 2100 crore, subject to approval of the government and shareholders.

At 01:40 pm, the stock was at Rs 33.40, up 7.92 per cent, on the BSE. It touched a high of Rs 35.80 and a low of Rs 28.80 in trade today.