MTNL shares surge nearly 7% after parliamentary panel suggests firm's merger with BSNL
NEW DELHI: Shares of Mahanagar Telephone Nigam (MTNL) advanced as much as 7 per cent in early trade on Friday after a parliamentary panel suggested merger of state-run telecom firms BSNL and MTNL for their long-term survival.
The scrip was trading 5.14 per cent up at Rs 25.55 around 9.50 am (IST). Shares of the company opened at Rs 25.65 and touched a high and low of Rs 26 and Rs 25.30, respectively, in trade. Benchmark BSE Sensex was trading 151.14 points, or 0.51 per cent, up at 29,736.99.
The Committee on Petitions, chaired by BJP MP Bhagat Singh Koshyari, in its report tabled in Lok Sabha said that it is of the "considered opinion that for the long-term survival and success, merger of MTNL and BSNL would be a good proposition..."
For the quarter ended December 31, 2016, the company reported net loss of Rs 819.95 crore against net loss of Rs 704.92 crore in the corresponding quarter last year. Revenue of the company slipped 10.40 per cent year-on-year to Rs 690.59 crore for the quarter under review.
In the past one year, shares of the company have advanced 40 per cent to Rs 24.30 till March 16, whereas BSE Sensex jumped nearly 20 per cent during the same period.
The scrip was trading 5.14 per cent up at Rs 25.55 around 9.50 am (IST). Shares of the company opened at Rs 25.65 and touched a high and low of Rs 26 and Rs 25.30, respectively, in trade. Benchmark BSE Sensex was trading 151.14 points, or 0.51 per cent, up at 29,736.99.
The Committee on Petitions, chaired by BJP MP Bhagat Singh Koshyari, in its report tabled in Lok Sabha said that it is of the "considered opinion that for the long-term survival and success, merger of MTNL and BSNL would be a good proposition..."
For the quarter ended December 31, 2016, the company reported net loss of Rs 819.95 crore against net loss of Rs 704.92 crore in the corresponding quarter last year. Revenue of the company slipped 10.40 per cent year-on-year to Rs 690.59 crore for the quarter under review.
In the past one year, shares of the company have advanced 40 per cent to Rs 24.30 till March 16, whereas BSE Sensex jumped nearly 20 per cent during the same period.
