MTNL corrects on profit selling

MTNL fell 4.88% to Rs 37.05 on profit selling after recent steep gains.

Shares of MTNL surged 39.61% in the past four sessions.

So far in 2021, the stock has soared 173.63% while the benchmark Sensex has added 21.57% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 56.23. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 32.55, 28.50 and 24.52, respectively.

On a consolidated basis, MTNL reported net loss of Rs 654.56 crore in Q2 September 2021, higher than net loss of Rs 582.25 crore in Q2 September 2020. Net sales declined 10.65% to Rs 305.73 crore in Q2 September 2021 over Q2 September 2020.

MTNL is the principal provider of fixed-line telecommunication service in Delhi and Mumbai. It is also present in Nepal through its joint venture United Telecom (UTL) and in Mauritius through its 100% subsidiary Mahanagar Telephone Mauritius Limited (MTML).

Powered by Capital Market - Live News