MTNL soars on heavy volumes on revival hopes
The Group of Ministers is likely to hold its first meeting on May 10 to discuss ways to revive the MTNL and BSNL.
Mahanagar Telephone Nigam Limited (MTNL) has soared 15% to Rs 23.30 on back of heavy volumes on revival hopes.
The stock opened at Rs 20.85 on BSE and has seen over six-fold jump in trading volumes. A combined 6.72 million shares already changed hands on the counter till 1409 hours against an average around one million shares that were traded daily in past two weeks on BSE and NSE.
“The Group of Ministers (GoM) headed by Finance Minister P Chidambaram, on BSNL and MTNL is likely to hold its first meeting on May 10 to discuss ways to revive the two loss-making public sector telecom companies,” the PTI report suggests.
MTNL losses stood at Rs 4,018 crore at the end of financial year 2011-12. The state-owned company has reported a net loss of Rs 3,334 crore during the first nine months (April-December) of financial year 2012-13.
The stock opened at Rs 20.85 on BSE and has seen over six-fold jump in trading volumes. A combined 6.72 million shares already changed hands on the counter till 1409 hours against an average around one million shares that were traded daily in past two weeks on BSE and NSE.
“The Group of Ministers (GoM) headed by Finance Minister P Chidambaram, on BSNL and MTNL is likely to hold its first meeting on May 10 to discuss ways to revive the two loss-making public sector telecom companies,” the PTI report suggests.
MTNL losses stood at Rs 4,018 crore at the end of financial year 2011-12. The state-owned company has reported a net loss of Rs 3,334 crore during the first nine months (April-December) of financial year 2012-13.