Shares of Mahanagar Telephone Nigam Ltd. hit 5% upper circuit on Wednesday, continuing its rally for the ninth straight session after the government allocated funds for bond payment.
During the Union Budget 2024, the government decided to allocate Rs 3,668.97 crore to the PSU to pay the principal amount of bonds.
Earlier this month, the company was unable to pay semi-annual interest to a bondholder due to a lack of sufficient funds. The government transferred the funds required to pay the telecom firm's bond interest.
Shares of the company rose as much as 5% to Rs 88.06 apiece, the highest level since Jan. 21, 2010. This compares to an 0.22% decline in the NSE Nifty 50 Index.
It has risen 345.87% in the last 12 months. Total traded volume so far in the day stood at 0.5 times its 30-day average and 161.69% year-to-date. The relative strength index was at 93.45, indicating that the stock is overbought.
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