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Shares of engineering firm HMT today surged nearly 18 per cent after the company signed a pact with a German firm Fraunhofer for technology upgradation.
The stock zoomed 17.60 per cent to Rs 58.80 on the BSE. On the NSE, the scrip climbed 17.71 per cent 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 yesterday.
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