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MTNL recovers after Thursday's steep slide

Capital Market/ 11:05 , Mar 01, 2013

Mahanagar Telephone Nigam rose 1.17% to Rs 21.70 at 11:05 IST on BSE, with the stock recovering on bargain hunting after Thursday's 7.14% slide.

Meanwhile, the S&P BSE Sensex was up 92.68 points or 0.49% at 18,954.22.

On BSE, 1.70 lakh shares were traded in the counter as against average daily volume of 5.87 lakh shares in the past one quarter.

The stock hit a high of Rs 22.05 and a low of Rs 21.35 so far during the day. The stock had hit a record low of Rs 20.15 on Thursday, 28 February 2013. The stock had hit a 52-week high of Rs 45.25 on 30 August 2012.

The stock had underperformed the market over the past one month till 28 February 2013, sliding 15.05% compared with the Sensex's 6.18% fall. The scrip had also underperformed the market in past one quarter, declining 16.86% as against Sensex's 0.1% rise.

The state-run telecom service provider has equity capital of Rs 630 crore. Face value per share is Rs 10.

Shares of Mahanagar Telephone Nigam (MTNL) had tumbled 7.14% to settle at Rs 21.45 on Thursday, 28 February 2013.

MTNL after market hours on Wednesday, 27 February 2013, said that the Ministry of Finance, Department of Economic Affairs (Budget Division), has conveyed that guarantee space for Rs 3000 crore is available for MTNL to be utilized in the financial year 2012-13. MTNL said it proposes to raise 10 year bonds through private placement with bullet repayment on principal and interest at the end of 10 years.

MTNL reported net loss of Rs 1182.18 crore in Q3 December 2012, higher than net loss of Rs 929.77 crore in Q3 December 2011. Net sales declined 1.3% to Rs 832.95 crore in Q3 December 2012 over Q3 December 2011.

MTNL provides basic phone, internet and cellular mobile telephony services in Delhi and Mumbai. The Government of India (GoI) holds 56.25% stake in MTNL (as per the shareholding pattern as on 31 December 2012).


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