MTNL Stock Soars Over 12% In Trading Surge; Here's Why

The 30-share BSE Sensex declined by 200.85 points or 0.27 per cent to close at 73,828.91 and the NSE Nifty fell 73.30 points or 0.33 per cent to settle at 22,397.20

MTNL's shares advanced 11.47 per cent to settle at Rs 48.20 per piece on the National Stock Exchange

Source : ABPLIVE AI

Shares of MTNL surged more than 12 per cent on Thursday after the government informed parliament that the state-owned telecom firm earned Rs 2,134.61 crore till January 2025 from monetisation of lands and buildings.

On the BSE, the scrip of Mahanagar Telephone Nigam Ltd (MTNL) climbed 12.55 per cent to close at Rs 48.78 apiece.

MTNL's shares advanced 11.47 per cent to settle at Rs 48.20 per piece on the National Stock Exchange (NSE).

During the day, it zoomed 18.36 per cent each to Rs 51.30 and Rs 51.18 apiece on the BSE and NSE, respectively.

In volume terms, 7.60 crore equity shares of MTNL were traded on the NSE, and 72.08 lakh scrips exchanged hands on the BSE during the day.

The 30-share BSE Sensex declined by 200.85 points or 0.27 per cent to close at 73,828.91 and the NSE Nifty fell 73.30 points or 0.33 per cent to settle at 22,397.20.

The government on Wednesday told parliament that state-owned telecom firms BSNL and MTNL have earned a total of Rs 12,984.86 crore from monetisation of land, buildings, tower and fibre since 2019.

According to data shared by Minister of State for Communications Pemmasani Chandra Sekhar in Lok Sabha, BSNL has earned Rs 2,387.82 crore and MTNL Rs 2,134.61 crore up to January 2025 from monetisation of lands and buildings.

"BSNL and MTNL are monetising only those land and building assets which are not required for their own use in the foreseeable future and for which it has the rights to transfer the ownership," Sekhar said in a written reply.

BSNL has earned Rs 8,204.18 crore and MTNL Rs 258.25 crore from monetisation of close assets comprising tower and fibre up to January 2025, as per the reply.

"Monetisation of assets is being done as per approved policy of the government and its impact on the PSUs is being monitored closely," Sekhar said.

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)