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.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.

Mahanagar Telephone Nigam Limited (MTNL) shares witnessed a 20% increase in the afternoon on Thursday after the telco announced that the government has deposited Rs 92 crore to clear immediate bond interest dues of the state-owned company.

On Thursday, MTNL shares jumped 20% to Rs 64.02 (a multiyear high) from its previous closing of Rs 53.35 on the BSE. The telecom firm’s market capitalization increased to Rs 4,033 crore.

“We would like to inform you that the funding of Designated ESCROW Account for Payment of 02nd Semi Annual Interest w.r.t. 7.59% MTNL Bond Series VIII-A (INE 153A08154) which is due on 20th July 2024 has been done on 17.07.2024,” stated MTNL in a communication to the bourses.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The data and figures presented are based on publicly available information and may be subject to change. Before making any investment decisions, it is recommended to conduct thorough research, consult with financial advisors, and consider your individual investment goals and risk tolerance. The author and publisher of this article do not assume any responsibility for any investment decisions made based on the information provided.