Scooters India rally on disinvestment reports

MUMBAI: The heavy industries ministry has cleared outright sale of sick state-run companies Scooters India and HMT Bearings in a clear departure from its divestment policy that focused on sale of small stakes in profit-making firms.

The government holds 95% in Scooters India and 97% in HMT Bearings through HMT. The two companies together incurred losses of around 37 crore in the fiscal year ended April last.

Shares of Scooters India were locked at 5 per cent upper circuit at Rs 36.35 on volume of 1960 shares on the BSE.