MTNL rings loud
By
Research Desk
about 11 years ago
MTNL is ringing loud and clear, up over 6% at Rs.15.55, with an intra day high and low at Rs.15.88 and Rs.15.25 respectively. Its 52-week high is at Rs. 24.95.
The stock is up on news that the Group of Ministers (GoM) are expected to meet today to unlock value of properties held by MTNL and BSNL. This is expected to fetch MTNL over Rs.14,000 crore and if this does indeed come in, it will help turnaround the company. This news plus the Govt earlier giving a refund fee to MTNL for broadband wireless spectrum of Rs.11,258 crore and bearing burden of pension paid to MTNL staff; all these moves augurs well for the company.