MTNL shares leapt 17% to ₹26.94 after board cleared sale of its Powai property for ₹891.5 crore.
The transaction covers 20,895.60 sqm of land at Technology Street, Powai, and was executed under a government‑to‑government direct sale, with Presidential and Alternative Mechanism approvals.
Earlier this year, NBARD leased a 2,680‑sqm plot in BKC from MTNL for ₹350.72 crore, highlighting the company’s growing land divestments.
The rally lifted the stock 12% by 11:00 am, with an intraday high of ₹26.94, while the 52‑week high remains at ₹44.67, putting the current price 41% lower.
Over the last six months, MTNL shares have risen 7.6% and closed green in four of the past ten sessions, suggesting cautious optimism among investors.
With no earnings guidance announced, traders view the ₹891.5 cr inflow as a liquidity buffer that could support future capital expenditure or debt servicing.