MTNL jumps after turnaround in Q3

Mahanagar Telephone Nigam rose 3.91% to Rs 14.60 at 13:05 IST on BSE after the company reported a net profit of Rs 428.03 crore in Q3 December 2013 as against net loss of Rs 1182.18 crore in Q3 December 2012.

Meanwhile, the S&P BSE Sensex was up 47.71 points or 0.23% at 20,414.53.

On BSE, so far 3.55 lakh shares were traded in the counter as against average daily volume of 6.68 lakh shares in the past one quarter.

The stock hit a high of Rs 14.85 and a low of Rs 14.25 so far during the day. The stock had hit a 52-week high of Rs 24.95 on 26 February 2013. The stock had hit a record low of Rs 9.71 on 20 August 2013.

The stock had underperformed the market over the past one month till 14 February 2014, sliding 11.64% compared with the Sensex's 3.17% fall. The scrip had also underperformed the market in past one quarter, declining 6.02% as against Sensex's 0.16% fall.

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

Mahanagar Telephone Nigam (MTNL)'s net sales rose 1.7% to Rs 847.20 crore in Q3 December 2013 over Q3 December 2012.

MTNL provides basic phone, internet and cellular mobile telephony services in Delhi and Mumbai. The Government of India (GoI) holds 56.25% stake in MTNL (as per the shareholding pattern as on 31 December 2013).

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