Shares of Mahanagar Telephone Nigam Ltd. hit 5% upper circuit on Thursday, after it announced its collaboration with NBCC Ltd. The two entities have signed a Memorandum of Understanding to develop a land parcel of approximately 13.88 acres, located on Pankha Road, Janakpuri, New Delhi, an exchange filing said.
The MoU, executed on Sept. 11, outlines plans to transform the MTNL land into residential and commercial space. This strategic partnership leverages the expertise and resources of both MTNL and NBCC, promising a significant enhancement in the value and utility of the land.
As the primary provider of fixed-line telecommunication services, MTNL also offers mobile services in Delhi and its surrounding towns—Noida, Gurgaon, Faridabad, and Ghaziabad—as well as in Mumbai and its adjoining areas, including those under the Mumbai Municipal Corporation, Navi Mumbai Municipal Corporation, and Thane Municipal Corporation.
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Shares of the company rose as much as 5% to Rs 56.51 apiece as of 12:41 p.m., compared to a 0.32% advance in the NSE Nifty 50.
The stock has risen 136.94% in the last 12 months. Total traded volume so far in the day stood at 0.8 times its 30-day average. The relative strength index was at 42.
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