MTNL shares surge after parliamentary panel suggests merger with BSNL

Mahanagar Telephone Nigam Limited (MTNL) surged by 7 per cent in the first half of trade Friday after a parliamentary panel suggested MTNL’s merger with Bharat Sanchar Nigam Limited (BSNL).

The panel tabled a report in Lok Sabha on Thursday which says the merger would give MTNL and BSNL a chance to compete against other telecom players.

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At 1.40 pm, MTNL was trading 3.7 per cent higher at the Bombay Stock Exchange (BSE) and 3.5 per cent up at the National Stock Exchange (NSE).

MTNL in February had reported standalone net loss at Rs.819.96 crore during the three-month period ended December 31.

The company had reported a net loss of Rs.671.59 crore in the same period of 2015.