Mahanagar Telephone Nigam (MTNL) rose 2.20% to Rs 52.50 after the company said that its board approved a Voluntary Retirement Scheme (VRS) for its employees.
The scheme, designed to reduce employee costs and streamline operations, will be offered to employees aged 45 years and above.The VRS will be based on the Gujarat Model, with a reduced ceiling for ex-gratia payments. The company aims to make the organization more efficient by reducing its workforce through this voluntary measure.
Mahanagar Telephone Nigam is engaged in providing telecom services in the geographical area of Mumbai and Delhi. As on September 2024, Government of India held 56.25% in the company.
MTNL's consolidated net loss increased to Rs 890.28 crore in Q2 FY25 from net loss of Rs 792.82 crore posted in Q2 FY24. Revenue from operations declined 11.93% YoY to Rs 174.23 crore in the quarter ended 30 September 2024.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
