MTNL jumps after receiving IT refund

Mahanagar Telephone Nigam rose 3.82% to Rs 23.10 at 10:27 IST on BSE after the company said it has received income tax refund worth Rs 112.95 crore for the Assessment Year 2000-01.

The announcement was made after market hours on Friday, 1 July 2016.

Meanwhile, the BSE Sensex was up 194.54 points, or 0.72%, to 27,339.45.

On BSE, so far 6.48 lakh shares were traded in the counter, compared with an average daily volume of 4.69 lakh shares in the past one quarter. The stock hit a high of Rs 23.55 and a low of Rs 22.95 so far during the day. The stock hit a 52-week high of Rs 24.50 on 3 December 2015. The stock hit a 52-week low of Rs 14.45 on 25 August 2015. The stock had outperformed the market over the past 30 days till 1 July 2016, rising 14.10% compared with 1.12% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 23.96% as against Sensex's 7.42% rise.

The mid-cap company has an equity capital of Rs 630 crore. Face value per share is Rs 10.

Mahanagar Telephone Nigam (MTNL) said that the amount includes Rs 52.35 crore towards interest on refund.

MTNL reported net profit of Rs 174.58 crore in Q4 March 2016 as against net loss of Rs 595.11 crore in Q4 March 2015. Net sales declined 4.51% to Rs 833.66 crore in Q4 March 2016 over Q4 March 2015.

State-run MTNL provides fixed-line telecommunication service in the two metropolitan cities of Delhi and Mumbai. The company also provides 3G mobile services and internet services in these two cities. The Government of India currently holds 56.25% stake in MTNL (as per the shareholding pattern as on 31 March 2016).

Powered by Capital Market - Live News