India's MTNL jumps after company says government will cover bond payment
12/12/2024 10:10
** India's Mahanagar Telephone Nigam Ltd MTNL.NS settles
7.7% higher, after climbing as much as 13.7% earlier in the
session
** Logs best day since late-August
** State-run telecom firm says it can not fund escrow for a
bond payment due to insufficient funds but sovereign guarantee
will be invoked
** Under guarantee, government of India obliged to make
payment - company
** Stock logs busiest trading session since early-August,
volumes at 13.1x the 30-day avg
** MTNL up 74% YTD
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com; +918447554364;))
Recent news on Mahanagar Telephone Nigam
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