Mahanagar Telephone Nigam announced that Rakesh Nangia,Independent Director and Ashok Mittal, Independent Director, haveceased to be the Directors of Mahanagar Telephone Nigam (MTNL)w.e.f. 31 January 2020.

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Mahanagar Telephone Nigam will hold a meeting of the Board of Directors of the Company on 14 February 2020.

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Mahanagar Telephone Nigam Ltd gained 4.95% today to trade at Rs 12.09. The S&P BSE Telecom index is up 0.66% to quote at 1142.79. The index is up 5.11 % over last one month. Among the other constituents of the index, Reliance Communications Ltd increased 4.71% and Vodafone Idea Ltd added 3.83% on the day. The S&P BSE Telecom index went up 10.45 % over last one year compared to the 15.5% surge in benchmark SENSEX.

Mahanagar Telephone Nigam Ltd has added 31.7% over last one month compared to 5.11% gain in S&P BSE Telecom index and 1.44% rise in the SENSEX. On the BSE, 69667 shares were traded in the counter so far compared with average daily volumes of 3.86 lakh shares in the past one month. The stock hit a record high of Rs 15.85 on 16 Jan 2019. The stock hit a 52-week low of Rs 4.49 on 23 Aug 2019.

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According to media reports, MTNL has submitted plans to the Department of Investment and Public Asset Management (DIPAM) to monetise Rs 6,200 crore worth assets that include 36 acres of land bank in Mumbai, shops-cum-offices in Delhi, and residential quarters in Noida etc.

The company has received interest from 14,387 employees for the voluntary retirement scheme (CRS) which will result in annual savings of Rs 1,700 crore for MTNL. The loss-making PSU has a total of 18,422 employees. The company looks to realise around Rs 5,000 crore from the sale of its land parcels located at prime locations of Mumbai like Vasai hill, Mulund, Simpholi etc, reports added.

In October 2019, the Union Cabinet approved the proposal for revival of BSNL and MTNL by administrative allotment of spectrum for 4G services, debt restructuring by raising of bonds with sovereign guarantee, reducing employee costs, monetisation of assets and in-principle approval of merger of BSNL & MTNL.

MTNL stock has advanced 50.91% in last three months as compared to a 22% rise in BSE Telecom index.

MTNL reported a dismal Q2 2019 numbers. On consolidated basis, the company reported a net loss of Rs 950.17 crore in Q2 September 2019 as against a net loss of Rs 859.23 crore in Q2 September 2018. Company's net sales declined 16.7% to Rs 388.53 crore on YoY basis.

State-run MTNL is a telecommunications service provider in the metro cities of Mumbai and New Delhi in India.

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