BSE Sensex was up 358.95 points, or 2.42%, to 15201.06 as fears of a global turmoil in credit markets eased after a 0.75% interest rate cut by the US Federal Reserve and following better-than-expected results from two major investment banks -- Goldman Sachs Group and Lehman Brothers Holdings.
On BSE, 4.07 lakh shares of the scrip were traded. The stock had an average daily volume of 10.60 lakh shares on BSE in past one quarter.
The scrip had touched a high of Rs 104 and a low of Rs 99.40 so far during the day. The stock had hit a 52-week high of Rs 219.45 on 3 January 2008 and a 52-week low of Rs 95.50 on 17 March 2008.
The scrip had underperformed the market in the one month to 17 March 2008, falling 23.91% as against the Sensex`s 18.25% fall. It had also underperformed the market in the past three months, slipping 45.32% against the Sensex`s 22.38% slide.
The state-run telecom service provider has an equity capital of Rs 630 crore. Face value per share is Rs 10.
At the current price of Rs 99.50, the scrip trades at a PE multiple of 16.04, based on Q3 December 2007 annualised EPS of Rs 6.20.
MTNL has been shortlisted as the preferred bidder to acquire Sri Lankan telco Suntel.
Suntel is a profit-making CDMA technology-based fixed-line telephony service provider in Sri Lanka, having a subscriber base of around 3,00,000.
The net profit of MTNL declined 53.2% to Rs 97.64 crore on 3.4% slide in sales to Rs 1189.74 crore in Q3 December 2007 over Q3 December 2006.
State-run, MTNL provides fixed line and mobile telecom services in Delhi and Mumbai. Goverment holds a 56% stake in the firm.