You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

MTNL spurts on buzz of likely revival of telecom PSUs

Topics
Business Finance

Capital Market 

Mahanagar Telephone Nigam rose 5.21% to 10.51 at 10:33 IST on the BSE on reports that the government will take steps to revive state-run telecom companies.

Meanwhile, the S&P BSE Sensex was down 123.13 points, or 0.31% to 40,144.49.

On the BSE, 3.71 lakh shares were traded in the counter so far compared with average daily volumes of 3.13 lakh shares in the past two weeks. The stock had hit a high of Rs 10.84 and a low of Rs 10.20 so far during the day. It hit a 52-week high of Rs 19.40 on 1 January 2019 and a 52-week low of Rs 8.42 on 22 May 2019.

Ravi Shankar Prasad, who recently took charge as the telecom minister, reportedly said that the government will take steps to revive state-run Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL). Responding to questions on the merger of the two telecom PSUs, the minister reportedly said that the clarity on that would evolve going ahead. Merger is a complex business issue and the government will weigh all options before coming to any conclusion, he reportedly added.

MTNL posted a net loss of Rs 755.51 crore in Q4 March 2019 compared with a net loss of Rs 900.20 crore in Q4 March 2018. Net sales rose 9% to Rs 536.84 crore in Q4 March 2019 over Q4 March 2018.

MTNL is a state-owned telecommunications service provider in the metro cities of Mumbai and New Delhi.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, June 04 2019. 10:35 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU