Mtnl share price: The share of the Metropolitan Telephone Corporation Limited (MTN 🙂 was closed on Wednesday (February 5) at an upper circuit of 20 percent at Rs 57.16 per share on BSE. This boom in MTNL shares in intraday business came due to heavy volume. In the last two days, the share of the government telecom company has risen 28 percent. On Tuesday, the telecom company shares closed at Rs 48.
By ten o’clock in the morning, the average trading volume increased to 2.17 crore equity in MTNL shares. This is 3.4% of MTNL’s total equity.
Why suddenly MTNL shares rise?
Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2025 on 1 February, announced a new scheme to connect all government secondary schools and health centers with broadband connectivity.
The Finance Minister, while presenting the budget 2025 in Parliament, said, “All government secondary schools and primary healthcare in rural areas will be linked to broadband connectivity under” Bharat Net “project.”
Meanwhile, several media reports stated that the government may allow telecom company MTNL and BSNL to sell some of their properties. After this news, the shares of MTNL got wings and the shares got 20% upper circuit.
According to a report by the Hindi Business News Channel CNBC Awaaz, the government has cleared the way for the monetization of non-core assets worth Rs 16,000 crore. A group of ministers has also waived various fees and charges on these properties. However, Business Standard could not confirm these reports.
MTNL share history
MTNL’s stock reached its 52 weeks of Rs 41.40 on January 28 this year. At the same time, the stock touched its all -time high level of Rs 101.88 on July 29, 2024. The total market cap of stock on BSE is Rs 3,567 crore.
Meanwhile, Care Ratings upgraded the Long Term Date Inuments (Bonds Issues) on MTNL on December 17 last year to ‘Care Aaa’ on MTNL. Also, ‘Watch with Negative Employees’ was removed and ‘stable’ the outlook.