MTNL surges post plans of strategic alliance with BSNL

As the Indian telecom market has been captured by big telecom giants like Vodafone, Idea and recently by Jio bringing in new technology and loads of discounted offers, the government is seriously looking for a revival plan for the state-owned MTNL.

The government is planning to start 4G services in MTNL and BSNL by taking various steps to improve its network capabilities

Sinha has informed the bourses that the government plans for a strategic alliance between MTNL and BSNL which can benefit both the companies, the final announcement for this will be made at a press meet later on Thursday.

“Financial support of Rs. 492.26 crore has been given to MTNL on account of liability arising from levy of Minimum Alternate Tax (MAT)”, Sinha added.

The total volume traded on Thursday was approx 88 lakh and the stock is currently quoting at Rs. 24.40 per share which is up by 9 per cent with a previous close of Rs. 22.5 on NSE.