MTNL Shares Surge Nearly 13% After ₹891.53 Cr Property Sale

Mahanagar Telephone Nigam Limited (MTNL) jumped nearly 13% in early trade on Thursday after the state-run telecom firm announced the sale of its Powai property in Mumbai for ₹891.53 crore. The stock was trading at ₹25.92 on the NSE, up 12.84%, as of 11:16 am. The company informed exchanges that its board, through a circular resolution dated October 1, approved the sale and transfer of the property located at Plot-C, Technology Street, Powai, to the Income Tax Department via a government-to-government (G2G) transfer. The land parcel measures 20,895.60 square metres. The deal follows Presidential Approval and Alternative Mechanism clearance, along with formal acceptance by the Income Tax Department. The transaction forms part of MTNL’s broader asset monetisation efforts aimed at addressing its heavy debt burden. The company has nearly ₹24,071 crore outstanding in government-backed sovereign guarantee bonds and had earlier defaulted on short- and long-term debt totaling over ₹37,000 crore.