Shares of public sector telecom operator, Mahanagar Telephone Nigam LtdBSE 4.10 % (MTNL) which have been in an uptrend so far in the month of September rallied another 5% in trade on Friday, a day after the GoM decided to refund an amount paid in 2010.
The Group of Ministers (GoM), headed by Finance Minister P. Chidambaram, on Thursday, decided to refund over Rs 11,000 crore to BSNL and MTNL, the two state-run players, for returning broadband wireless access (BWA) spectrum.
At 09:30 a.m.; MTNLBSE 4.10 % pared some of the morning gains and was trading 2.5 per cent higher at Rs 15.75. It has hit a low of Rs 15.41 and a high of Rs 16.20 in trade today.
MTNL has rallied over 50 per cent so far in the month of September as compared to over a 40 per cent fall in the year 2013. Shares have rallied from Rs 9.94 observed on 30 August to Rs 15.35 recorded on 12 September.
"The Group of Ministers took firm decisions - one in relation to pension of MTNL employees, the second in relation to the spectrum that was allocated both to BSNL and MTNL in the 2.5 GHz band, and one other small issue," Telecom Minister Kapil Sibal said.
The Group of Ministers (GoM), headed by Finance Minister P. Chidambaram, on Thursday, decided to refund over Rs 11,000 crore to BSNL and MTNL, the two state-run players, for returning broadband wireless access (BWA) spectrum.
At 09:30 a.m.; MTNLBSE 4.10 % pared some of the morning gains and was trading 2.5 per cent higher at Rs 15.75. It has hit a low of Rs 15.41 and a high of Rs 16.20 in trade today.
MTNL has rallied over 50 per cent so far in the month of September as compared to over a 40 per cent fall in the year 2013. Shares have rallied from Rs 9.94 observed on 30 August to Rs 15.35 recorded on 12 September.
"The Group of Ministers took firm decisions - one in relation to pension of MTNL employees, the second in relation to the spectrum that was allocated both to BSNL and MTNL in the 2.5 GHz band, and one other small issue," Telecom Minister Kapil Sibal said.
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