Shares of Mahanagar Telephone Nigam Ltd (MTNL) surged 14.82% to ₹49.65 on Thursday, March 13, after the company disclosed earnings of ₹2,134.61 crore from the monetization of land and building assets. The stock touched an intraday high of ₹51.30 in early trade on the BSE.
The rally came after Minister of State for Communications, Pemmasani Chandra Sekhar, informed the Lok Sabha on Wednesday that state-run telecom companies BSNL and MTNL have collectively generated ₹12,984.86 crore through the monetization of assets, including land, buildings, towers, and fiber, since 2019.
According to the data shared by the Minister, BSNL has earned ₹2,387.82 crore from asset monetization. He further stated that BSNL and MTNL are monetizing only those land and building assets which are not required for their operations in the foreseeable future and for which they hold the rights to transfer ownership.
The latest development has boosted investor sentiment, driving MTNL shares significantly higher in today’s session.
