Mahanagar Telephone Nigam Limited (MTNL) rose 4.23% to Rs 23.40 at 11:30 am on BSE after company’s proposal seeking a merger of MTNL with BSNL is on the cards. A top-level meeting lately discussed the prospect of merging both the entities that are facing financial stress due to increasing competition in the sector, as per reports. MTNL stock had hit a high of Rs 24.25 and a low of Rs 23.30 so far during the day. State-run MTNL provides fixed-line telecommunication service in Delhi and Mumbai. The company also provides 3G mobile services and internet services in these two cities. India Government at present holds 56.25% stake in MTNL, as per the shareholding pattern as on 30 Dec.
SPML Infra Ltd, jumped 8.54% to Rs 64.20 similarly on BSE after the company announced that it secured new orders of Rs 250 crore for power transmissions and distribution projects. The company’s net profit rose 388.5% to Rs 1.27 crore on 90.1% growth in net sales to Rs 426.40 in quarter-3, December 2016 year on year last. SPML Infra is one of the outstanding infrastructure development companies in India.
IndusInd Bank gained 0.46% to Rs 1,337.15 at morning hours on BSE after the bank said that it inaugurated a new branch in Sikar, Rajasthan. The announcement was made during market hours on Wednesday. The stock had underperformed the market over the past one month as on today, rising 0.38% compared with 2.34% gains in the Sensex.
Jain Irrigation Systems advanced 1.26% to Rs 92.40 at morning hourson BSE after the company said that it has obtained order valued Rs 189.02 crore for the development of micro-irrigation systems network. The stock had smashed the market over the past one as of now, falling 4.35% compared with 2.34% gains in the Sensex.
As mid-market update, At 12:50 pm, the BSE Sensex was trading at 28,843, down 156 points, while the broader Nifty50 was ruling at 8,904, down 42.90 points.