MTNL shares rise 5% after signing a Rs 1,600 crore MoU with NBCC for developing land in New Delhi.

Mahanagar Telephone Nigam Ltd (MTNL) shares rose 5% to Rs 56.47 after signing a Rs 1,600 crore MoU with NBCC (India) to develop a 13.88-acre land parcel in New Delhi into residential and commercial space. The project, executed by NBCC, aims to maximize the land’s potential and is set to unfold over three years. MTNL's revenue declined 7.8% year-on-year, with a narrowed net loss of Rs 773.5 crore in Q1 FY25.

September 12, 2024
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