Shares of HMT rose over 10%, touching the day's high of Rs31.35 and ITI gained over 9% toching the day's high of Rs19, on reports that the government has formulated a revival plan for the ailing state-owned companies. The plan includes implementation of pay revision for the employees.
Based on the recommendations of the Board for Reconstruction of Public Sector Enterprises (BRPSE), the government has approved revival of 43 sick CPSEs at a total cost of Rs25,083 crore till November 30, 2011,' as per report suggests, quoting Minister of Heavy Industries and Public Enterprises Praful Patel.
The total cost would include cash assistance worth Rs3,860 crore and non-cash assistance of Rs21,223 crore, the report added.
At 10.51 am, HMT was trading at Rs30.55, up by 7.57%, with a volume of 1.17 lakh shares on the BSE.
ITI was trading at Rs18.35, up by 5.46%, with a volume of 0.26 lakh shares on the BSE.