MTNL shares gains on 4G spectrum refund

Reuters Market Eye - State-run Mahanagar Telephone Nigam gains 2.6 percent after federal cabinet allowed the company to return its 4G radio spectrum and get refunds totalling 45.34 billion rupees, in a move to help the money-losing company.

The government will refund MTNL in a staggered manner, Information and Broadcasting Minister Manish Tewari told reporters on Thursday after a meeting of the cabinet.

(Reporting by Dipika Lalwani)