9:16 pm - Thursday March 28, 2024

MTNL gains on buzz Cabinet OKs spectrum refund

593 Viewed Alka Anand Singh Comments Off on MTNL gains on buzz Cabinet OKs spectrum refund
MTNL gains on buzz Cabinet OKs spectrum refund
MTNL gains on buzz Cabinet OKs spectrum refund

MTNL rose 1.61% to Rs 17.65 at 11:14 IST on BSE on reports the Cabinet approved a refund of about Rs 11260 crore for broadband wireless access spectrum surrendered by state-run MTNL and BSNL.

Meanwhile, the BSE Sensex was up 163.85 points, or 0.79%, to 20,877.22.

On BSE, so far 11.60 lakh shares were traded in the counter, compared with an average volume of 5.98 lakh shares in the past one quarter.

The stock hit a high of Rs 18.33 and a low of Rs 17.43 so far during the day. The stock hit a 52-week high of Rs 28.55 on 15 January 2013. The stock hit a record low of Rs 9.71 on 20 August 2013.

The stock had outperformed the market over the past one month till 9 January 2014, rising 19.79% compared with the Sensex’s 2.87% fall. The scrip had also outperformed the market in past one quarter, rising 15.26% as against Sensex’s 2.29% rise.

The small-cap company has an equity capital of Rs 630 crore. Face value per share is Rs 10.

According to media reports, the Union Cabinet on Thursday, 9 January 2014, allowed state-run telecommunications carriers Mahanagar Telephone Nigam (MTNL) and Bharat Sanchar Nigam (BSNL) to return their 4G radio spectrum and get refunds of a total Rs 11260 crore.

The government will refund Rs 4534 crore to MTNL and Rs 6724 crore to BSNL in a staggered manner, Information and Broadcasting Minister Manish Tewari told the media on Thursday, 9 January 2014, after a meeting of the cabinet. MTNL and BSNL had received the broadband wireless access (BWA) spectrum in 2010 but have not yet launched the services.

MTNL reported a net loss of Rs 947.05 crore in Q2 September 2013, lower than net loss of Rs 1093.73 crore in Q2 September 2012. Net sales fell 3.5% to Rs 808.44 crore in Q2 September 2013 over Q2 September 2012.

MTNL provides basic phone, internet and cellular mobile telephony services in Delhi and Mumbai. The Government of India (GoI) holds 56.25% stake in MTNL

Don't miss the stories followIndiaVision India News & Information and let's be smart!
Loading...
0/5 - 0
You need login to vote.
Filed in
Rupee strengthens by 17 paise against dollar

Rupee strengthens by 17 paise against dollar

Apple wins appeal in Google’s Motorola iPhone patent case

Apple wins appeal in Google’s Motorola iPhone patent case

Related posts