MTNL trades in green on the BSE

MTNL is currently trading at Rs. 37.20, up by 2.25 points or 6.44% from its previous closing of Rs. 34.95 on the BSE.

The scrip opened at Rs. 34.75 and has touched a high and low of Rs. 37.35 and Rs. 34.30 respectively. So far 1334701 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 38.10 on 09-Sep-2011 and a 52 week low of Rs. 20.70 on 11-Jul-2012.

Last one week high and low of the scrip stood at Rs. 37.55 and Rs. 32.70 respectively. The current market cap of the company is Rs. 2327.85 crore.

The promoters holding in the company stood at 56.25% while Institutions and Non-Institutions held 23.73% and 15.61% respectively.

Telecom PSUs BSNL and MTNL are planning to cut their workforce by 1.21 lakh by offering voluntary retirement scheme (VRS) to staff, which will cost them over Rs 17,445 crore. Both the companies have requested the Department of Telecom (DoT) to finance their VRS and refund the BWA spectrum charges paid by them. 

DoT has received proposal from BSNL and MTNL for VRS in order to cut workforce by one lakh and 21,000 respectively. It has estimated Rs. 12,371 crores as likely expenditure on ex- gratia for BSNL and Rs 5,074 crore for MTNL. In addition, there will be expenditure on normal retirement benefits viz gratuity, pension, leave encashment and transfer grant.

Both the firms have requested DoT to surrender their Broadband Wireless Access (BWA) spectrum in certain circles and refund of the one-time upfront BWA spectrum charges that is Rs 4533.97 crore by MTNL and Rs 6724.51 crore by BSNL.