MTNL rings loud

MTNL had hit a new 52-week low yesterday at Rs.18.75 and today, it opened at Rs.19.40 and went on to an intra day high at Rs.19.65. Currently the stock is up almost 1.5% at Rs.19.10.

The stock is up after the company announced that its Board is meeting on 25^th March to consider the proposal regarding raising of non-convertible debentures (in the form of bonds) for 10 years worth Rs 3,000 crore, covered by sovereign guarantee through private placement.