HMT shares zoom 18% on technology upgradation pact with German firm

Shares of engineering firm HMT surge nearly 18% after the company signed a pact with a German firm Fraunhofer for technology upgradation.

The stock of the state-run firm zoomed 17.60% to Rs 58.80 on the BSE.

On the NSE, it climbed 17.71% to Rs 58.80. Fraunhofer is Europe's largest application-oriented research organisation.

"HMT has signed an MoU with Fraunhofer, pertaining to technology upgradation for developing latest technology machines by our subsidiary HMT Machine Tools Ltd.

"The MoU was signed in the presence of Prime Minister Narendra Modi and German Chancellor Angela Merkel," HMT had said in a BSE filing Tuesday.