This small-cap multibagger stock surged by more than 19 per cent as it announces signing of an MoU with BSNL!
On Friday, shares of the company surged by more than 19 per cent made an intraday high of Rs 26.89.
Mahanagar Telephone Nigam Ltd, established in 1986 by the Indian government, was created to enhance telecom services, expand networks, and generate revenue for the metro cities of Delhi and Mumbai. It provides fixed-line telecom services in these cities and mobile services in Delhi and parts of Mumbai. MTNL achieved Navratna status in 1997 and was listed on the NYSE in 2001.
It offers an array of telecom services, including fixed phones, GSM, CDMA mobile, broadband, and 3G. MTNL played a significant role in providing telecom infrastructure for the 2010 Commonwealth Games and continues to expand its offerings. Additionally, it operates in Nepal through United Telecom Limited (UTL) and in Mauritius via its subsidiary Mahanagar Telephone Mauritius Limited (MTML).
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Mahanagar Telephone Nigam Ltd and BSNL signed a memorandum of understanding (MoU) on August 31, 2023. This MoU aims to facilitate operational synergy between the two companies, MTNL and BSNL, to offer nationwide telecom services as government-owned public sector enterprises in India. It also establishes a framework for implementing decisions made by the Union Cabinet during its meeting on July 27, 2022.
The company has delivered returns of 8.42 per cent over the past year and stellar returns of 192 per cent over the past 3 years.
On Friday, shares of the company surged by more than 19 per cent made an intraday high of Rs 26.89.
Investors should keep a close eye on this buzzing stock.