Hindustan Motors up 5% as it gears up for restructuring

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Moneycontrol Bureau

Shares of Hindustan Motors rallied 5 percent intraday on Friday as it is gears up for restructuring. The company has been suffering from poor cash flow due to lack of vehicle sales.

"HM remains fully committed to its revival plan. Slowdown in the economy, especially in the auto sector has affected the company too. In addition, we have had operational challenges in terms of cash flow problems for the company. Under these circumstances, it is becoming extremely challenging to manage daily operations," company's MD and CEO Uttam Bose said.

Bose said the company needed to restructure the business by demerging the Chennai and Uttarpara operations. The C K Birla group company was also seeking strategic investors for both the units.

At 13:58 hrs Hindustan Motors was quoting at Rs 8.00, up Rs 0.07, or 0.88 percent on the BSE.

(With inputs from PTI)