Shares of Mahanagar Telephone Nigam Ltd today soared by nearly 20 per cent ahead of the Group of Ministers (GoM) meeting, scheduled to meet later in the day, on revival of state-owned telecom firms BSNL and MTNL.
MTNL's scrip surged 19.92 per cent to close at Rs 15.35 on the BSE. In intra-day, the scrip shot-up by 20 per cent to Rs 15.36 -- its upper circuit limit.
On the volume front, 52.47 lakh shares of the company changed hands on the BSE during the day.
"MTNL was at upper circuit gaining 20 per cent as the government plans to discuss a revival plan for state-run telecom companies, which could be beneficial for MTNL and BSNL," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio Limited.
Meanwhile, post market hours today, the GoM approved Rs 11,000-crore refund to BSNL, MTNL for returning BWA spectrum.