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MTNL share price gained 5% on buzz of Cabinet nod to merger with BSNL

MTNL share price opened at Rs 5.86 against the previous close of Rs 5.62 on BSE.

twitter-logo BusinessToday.In        Last Updated: October 23, 2019  | 17:50 IST
MTNL share price gained 5% on buzz of Cabinet nod to merger with BSNL
MTNL share price has gained 14.34% in last three sessions on BSE. However, the share has lost 54% in last one year and fallen 63.56% since the beginning of this year.

MTNL share price hit the upper circuit in trade today amid buzz that PM Narendra Modi-led Cabinet would take a decision on the merger of the telco with its state-owned counterpart BSNL. BSNL is not listed on bourses. MTNL share price opened at Rs 5.86 against the previous close of Rs 5.62 on BSE. The stock saw steady gains till 2:00 pm after which it was stuck in the upper circuit of 5% at Rs 5.90 till market closed.

Also read: Modi govt gives nod to BSNL, MTNL merger; to raise sovereign bond worth Rs 15,000 crore for revival

The stock finally closed 5% or 0.28 points higher at Rs 5.90 on BSE.  On NSE too, the stock closed 4.46% higher at Rs 5.85.

MTNL share price has gained 14.34% in last three sessions on BSE. However, the share has lost 54% in last one year and fallen 63.56% since the beginning of this year.

MTNL share hit a 52-week high of Rs 19.40 on January 1 this year and fell to its 52-week low of Rs 4.49 on August 23, 2019.

After the market closed today, the Cabinet headed by Prime Minister Narendra Modi announced revival plan for both telcos. Briefing reporters, Telecom Minister Ravi Shankar Prasad said the government would put in Rs 29,937 crore for revival of the two state-owned telecom companies and their assets worth Rs 38,000 crore would be monetised.

By Aseem Thapliyal

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