India's MTNL leads telcos higher on report of BSNL revival plan
07/06/2023 09:41
** Shares of Mahanagar Telephone Nigam Ltd (MTNL) MTNL.NS
surge as much as 11.78% to 22.30 rupees, a near-four-month high
** CNBC-TV18 reports India has approved a 890.47 bln rupees
($10.79 bln) revival plan for BSNL, MTNL's fellow state-owned
telecom operator
** The govt has been mulling merging MTNL with BSNL
** Telecos Vodafone Idea VODA.NS , Indus Towers INUS.NS
and Bharti Airtel BRTI.NS rise 7%, 2.5% and 2%, respectively
** MTNL's stock is most active in nearly four months, with a
trading volume 8X the 30-day avg
** Reuters is awaiting response from BSNL on the report
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
Recent news on Mahanagar Telephone Nigam
See all newsBrief: Mahanagar Telephone Nigam Extends Additional Charge Of Chairman And Managing Director To A. Robert J. Ravi
Brief: Mahanagar Telephone Nigam Board Approves Sale Of Mtnl Property At Powai To Income Tax Department
Brief: Mahanagar Telephone Nigam Says Court Permits Claimants To Withdraw 205.4 Million Rupees Deposited By Co As Compensation
Brief: Mahanagar Telephone Nigam Total Financial Indebtness As Of June 30 At 372.23 Billion Rupees
Brief: MTNL Says Due To Insufficient Funds, Could Not Fund Escrow Account Maintained In Bank Of India