Shares of Mahanagar Telephone Nigam Ltd (MTNL) continued to rise in Wednesday's trade for the second consecutive session. The stock zoomed 20 per cent to hit its upper price band of Rs 57.16. At this price, it has climbed 27.58 per cent in just two trading days.
Today's sharp uptick in the share price came after CNBC Awaaz reported that the Centre has approved monetisation of the company's assets worth Rs 16,000 crore, paving the way for debt repayment and operational restructuring. Business Today, however, could not independently verify this at the time of publishing this story.
Besides this, Finance Minister Nirmala Sitharaman, in her Union Budget 2025-26 presentation, announced a new scheme to provide broadband connectivity to all government secondary schools and health centres.
"Broadband connectivity will be added to all government secondary schools and primary healthcare centres in rural areas under the 'Bharat Net' project," she stated.
Technically, MTNL's scrip traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 66.82. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a negative price-to-equity (P/E) ratio of 1.07 against a price-to-book (P/B) value of (-)0.14. Earnings per share (EPS) stood at (-)52.69 with a return on equity of (RoE) 13.12.
The counter saw high trading volume on BSE as around 40.17 lakh shares were last seen changing hands. The figure was way more than the two-week average volume of 4.84 lakh shares. Turnover on the counter came at Rs 22.63 crore, commanding a market capitalisation (m-cap) of Rs 3,560.13 crore.
"At present, 56.25 per cent of equity shares are held by the government and the remaining 43.75 per cent of shares are held by FIIs, Financial Institutions, Banks, Mutual Funds and others, including individual investors," MTNL mentioned.