MTNL seeks to monetise real estate
Loss-making public-sector enterprise, Mahanagar Telephone Nigam (MTNL) is the top gainer in BSE Telecom index, trading higher by over 6% at around Rs 22.35 per share.
The stock is in upward trend since the opening bell on Friday, attracting huge trading volume of 41,75,256 shares and traded value of Rs 9.32 crore as of 1002 hours on Friday.
The company has proposed to the Department of Telecommunications (DoT) to monetise its real estate assets in Delhi and Mumbai. The company has reported losses for over five fiscal years and is planning to raise funds by selling its land assets and leasing out their facilities.
The government hold 56.93 percent stake in the company. It has a lower subscriber base with only 54% of active users in an extremely competitive telecom market.
Mahanagar Telephone Nigam Ltd is currently trading at Rs 22.2, up by Rs 1.15 or 5.46% from its previous closing of Rs 21.05 on the BSE.
The scrip opened at Rs 21.3 and has touched a high and low of Rs 22.9 and Rs 21.1 respectively. So far 5982345(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1326.15 crore.
The BSE group ‘B’ stock of face value Rs 10 has touched a 52 week high of Rs 27.5 on 25-Apr-2017 and a 52 week low of Rs 15 on 22-Nov-2016. Last one week high and low of the scrip stood at Rs 21.6 and Rs 20.3 respectively.
The promoters holding in the company stood at 56.25 % while Institutions and Non-Institutions held 21.81 % and 20.74 % respectively.