MTNL hits 52-week high, stock surges 23% in three days

The state-owned telecom services provider is working on developing and leasing out its land bank and monetising infrastructure.

Mahanagar Telephone Nigam Limited (MTNL) is trading higher by 5% at Rs 41.10, extending gains for the third straight day, after Milind Deora, the Minister of State in the Ministry of Communication and Information Technology in the Lok Sabha on Wednesday said that the company is working on developing and leasing out its land bank and monetising infrastructure.

“MTNL has prepared a voluntary retirement scheme aimed at reducing its workforce by 21,000 and also requested Department of Telecommunications ( DoT) for surrender of Broadband Wireless Access (BWA) Spectrum in Delhi and Mumbai Licensed Service Areas and to refund around Rs 4,534 crore for one time upfront BWA Spectrum charges paid for the same,” the report suggests.

 

The stock currently trading at its 52-week high has rallied 23% in past three trading sessions on the BSE.  A combined 10.88 million shares have already changed hands on the counter so far against an average sub four million shares that were traded daily in past ten trading days.