HMT Watches Limited, a wholly owned
Subsidiary of HMT Limited is gaining from a buzz in the business circle that
India government might put on hold the decision to close the Watches division.
Shares of HMT has surged 13 per cent to Rs 34.55
on back of heavy volumes. The stock opened at Rs 31.75 and touched high of Rs
34.85 on NSE. The trading volumes on the counter have jumped more than
three-fold with a combined 417,645 shares changed hands in first hour of
trading on BSE and NSE.
After reports that HMT Watches may be
wound up made headlines, there has been an unprecedented demand for timepieces
manufactured by the country's first watch-maker. The nostalgia-driven clamour
has led the government to rethink its decision to close the loss-making public
sector company, a Times of India report suggests.
The company has been incurring cash losses since last 15 years.
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