Shares in Mahanagar Telephone Nigam Limited (MTNL) have surged 7% to Rs 34, extending its previous day's 8 rally, on reports that the government will initiate steps to revive ailing state-owned telecom company.
The stock opened at Rs 32.70 and touched a high of Rs 34.70 on NSE. The counter has seen huge trading activity with a combined 6.6 million shares already changed hands in first half an hour of trading on NSE and BSE.
Communications and IT minister Ravi Shankar Prasad said that steps will be taken on a priority basis to revive the two public sector undertakings – MTNL and BSNL that have failed to ride the boom in the Indian telecom sector, the Times of India report suggests.
He emphasized that improvement of BSNL and MTNL both in terms of performance and infrastructure would be an important area of this priority.
The stock opened at Rs 32.70 and touched a high of Rs 34.70 on NSE. The counter has seen huge trading activity with a combined 6.6 million shares already changed hands in first half an hour of trading on NSE and BSE.
Communications and IT minister Ravi Shankar Prasad said that steps will be taken on a priority basis to revive the two public sector undertakings – MTNL and BSNL that have failed to ride the boom in the Indian telecom sector, the Times of India report suggests.
He emphasized that improvement of BSNL and MTNL both in terms of performance and infrastructure would be an important area of this priority.
