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MTNL share price rises over 19% amid reports of revival plan

MTNL share price gained 19.48% intra day to 14.35 level compared to the previous close of 12.01 level. MTNL share price lost 38% during the last one year and 13.84% since the beginning of this year.

twitter-logoBusinessToday.In | February 21, 2019 | Updated 15:47 IST
MTNL share price rises over 19% amid revival plan news
MTNL share price lost 38% during the last one year and 13.84% since the beginning of this year.

MTNL share price rose on Thursday amid reports that the Digital Communications Commission discussed plans for the revival of MTNL and BSNL. MTNL share price gained 19.48% intra day to 14.35 level compared to the previous close of 12.01 level. MTNL share price lost 38% during the last one year and 13.84% since the beginning of this year. MTNL shares have been rising for the last three days and gained 17% during the period.

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The microcap share is trading below its 50-day moving average and 200-day moving average of 13.98 and 14.19 levels, respectively on the BSE.

Meanwhile, regulator TRAI has announced that Reliance Jio and BSNL added an increase in number of subscribers in December.

The increase in number of subscribers for BSNL has come at a time when the government has asked the PSU to explore options, including shutting down operations, due to heavy losses.

The number of telephone subscribers for BSNL in India increased from 1,193.72 million at the end of November 2018 to 1,197.87 million at the end of December 18, thereby showing a monthly growth rate of 0.35 per cent," the Telecom Regulatory Authority of India (TRAI) said in its subscriber report for the month of December.

Mobile subscriber base reached 117.6 crore in the month.

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MTNL reported widening of its standalone loss to Rs 832.26 crore for the three months ended December 2018, compared to about Rs 639 crore in the year ago period.

The loss during the third quarter of FY19 was a tad lower than losses sustained in the previous sequential quarter (ended September) of about Rs 859 crore.

Total income of the telecom PSU, which operates telephony services in Delhi and Mumbai, stood at Rs 692.42 crore, 18.7 per cent lower than Rs 852.64 crore notched in the corresponding period of the previous year. Total expenses climbed to Rs 1,524.6 crore as against Rs 1,491.6 crore in the year-ago quarter.

Edited by Aseem Thapliyal

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