Vi & Jio’s peer company’s multibagger penny stock under Rs 60 was locked in the upper circuit on September 13, Here’s why!
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 25.02 per share.
On Friday, one of the Top Gainers on BSE, Vi & Jio’s peer company’s stock was locked in a 5 per cent upper circuit to Rs 59.29 per share from its previous closing of Rs 56.47 per share. The stock’s 52-week high is Rs 101.88 while its 52-week low is Rs 25.02.
The company name is MAHANAGAR TELEPHONE NIGAM LTD (MTNL).
Update 1: Mahanagar Telephone Nigam Limited (MTNL) and NBCC (India) Limited have joined hands to redevelop a prime 13.88-acre land parcel in New Delhi. A Memorandum of Understanding (MoU) was signed on September 11, 2024, outlining plans to convert the MTNL property on Pankha Road into a modern residential and commercial complex. This ambitious project, valued at approximately Rs 1,600 crore, will combine the strengths and resources of both organizations to create a landmark development in the heart of the city.
Update 2: Mahanagar Telephone Nigam Limited (MTNL) has retained its top-tier credit rating from Brickwork Ratings (BWR). Despite repeated instances where the Government of India guarantee was invoked to cover missed coupon payments, BWR has reaffirmed MTNL's long-term rating for its bonds at BWR AAA (CE). However, the rating agency has placed the rating under a Negative Watch, indicating potential future downgrades if the situation doesn't improve. MTNL's bonds currently total Rs 6,500 crore.
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Update 3: Mahanagar Telephone Nigam Limited (MTNL) has announced that it will be unable to pay the third semi-annual interest on its 7.75% MTNL Bond Series VII-E (INE153A08147). The due date for this payment is September 24, 2024. Due to insufficient funds, MTNL cannot deposit the required amount into the escrow account as per the terms of the tripartite agreement. Despite the sovereign guarantee provided by the Government of India for these bonds, the government will only be obligated to make the payment if MTNL defaults on its principal or interest obligations. The tripartite agreements outlining these provisions were filed with the Bombay Stock Exchange when the bonds were listed.
Talking about the company, it was incorporated as a public sector undertaking in 1986 to serve the cities of Delhi including NCR and Mumbai including Thane district in India. It started with an objective to provide world-class telecommunication services to its customers with affordable tariffs. The company got Navratna Status in 1997.
The company falls under the BSE Small-Cap Index with a market cap of Rs 3,735 crore with a 5-year stock price CAGR of 71 per cent. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 25.02 per share.
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Disclaimer: The article is for informational purposes only and not investment advice.
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