The share price of Mahanagar Telephone Nigam Ltd. (MTNL) continued to rise for the ninth consecutive session on Wednesday, locking in at 5% above the upper circuit at Rs 88.06. After surpassing successive upper circuit limits, MTNL shares have more than doubled during the past nine days.
The rise in MTNL shares began after reports that the government deposited ₹92 crore earlier this month to pay for the telecom PSU’s immediate bond interest.
The government has planned to allocate Rs 3,668.97 crore in the Union Budget 2024–2025 for payment of the principal amount of MTNL bonds.
Under the telecom ministry, the government allocated Rs 1.28 lakh crore for public sector firms and telecom projects. The Budget 2024 allocates more than ₹1 lakh crore for BSNL and MTNL-related expenses.
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