Mahanagar Telephone Nigam Limited (MTNL) is trading higher by 4% at Rs 24.80 after the state-owned telecom service provider said that it has received Rs 152.5 crore refunds from the Income Tax (IT) department.
“Income Tax Department has issued a refund order to MTNL in the matter of deduction under Section 80IA of the Income Tax Act, 1961 for the Assessment Year 2004-05. The total amount received from Income tax Department amounts to Rs 152.46 crore out of which Rs 46.34 crore has been received towards interest on refunds,” MTNL said in a filing.
From the above refund an amount of Rs 35.08 crore has been adjusted against the demand for the Assessment Year (AY) 2006-07 and a net cheque amounting to Rs 117.38 crore has been received, it added.
The stock opened at Rs 24.65 and touched high of Rs 25.10 on the National Stock Exchange. A combined 1.6 million shares have already changed hands on the counter so far, as against an average 2.3 million shares that were traded daily in past two weeks on both the exchanges.