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Business Standard

MTNL shares drop 5% after PNB downgrades co's loan account to NPA

The fall in the stock price follows MTNL's announcement to the exchanges, in which it said that Punjab National Bank (PNB) has downgraded the loan accounts of the company to NPA

The Economic Times

PNB downgrades MTNL's loan accounts to NPA over non-payment of interest, instalment

Mahanagar Telephone Nigam Ltd (MTNL) faces fresh trouble as its loan account with Punjab National Bank (PNB) has been downgraded to a Non-Performing Asset (NPA) due to non-payment of interest and instalment. The outstanding amount across multiple accounts totals Rs 441 crore, with an overdue amount exceeding Rs 46 crore.

CNBC TV18

MTNL account gets downgraded to an NPA by yet another bank

Collectively, banks have an exposure of ₹7,925 crore to MTNL, a figure that will require higher provisions as the company’s account slides into the NPA category.

Business Standard

Stocks To Watch: Patanjali Foods, Zydus Life, Max Health, Tata Power, MTNL

The US FDA has issued a warning letter to Zydus Lifesciences citing significant manufacturing lapses at its Gujarat-based plant.

Business Standard

NBCC, MTNL sign pact for Rs 1,600 cr worth housing-cum-commercial project

State-owned NBCC (India) Ltd has signed an initial pact to develop a Rs 1,600-crore worth housing-cum-commercial project on a 14-acre land parcel owned by MTNL on Pankha Road in the national capital. In a statement on Thursday, NBCC said that it has signed a Memorandum of Understanding (MoU) with Mahanagar Telephone Nigam Ltd (MTNL) to collaborate and "develop a prominent land parcel of MTNL measuring approximately 13.88 acres located on Pankha Road, New Delhi." This project aims to transform the land into a state-of-the-art residential/ commercial space, leveraging the expertise and resources of both organizations. "The project is valued at Rs 1600 crore approximately," NBCC said. The MoU was signed in the presence of K P Mahadevaswamy, CMD, NBCC, A Robert J. Ravi, CMD, MTNL. MTNL, a leading public sector telecommunications company and NBCC, a Navratna enterprise under the Ministry of Housing & Urban Affairs, have committed to this development project. "NBCC will act as the ...

The Economic Times

NBCC to develop Rs 1,600 crore project in Delhi for MTNL

NBCC (India) Limited and Mahanagar Telephone Nigam Limited (MTNL) have signed an MoU to develop a land parcel on Pankha Road, New Delhi valued at Rs 1,600 crore. The project will transform the area into residential and commercial spaces, with NBCC handling planning and execution over three years. MTNL will provide the land and assist with regulatory approvals.

The Economic Times

NBCC shares jump 5% after securing Rs 1,600 crore deal with MTNL

NBCC shares rose nearly 5% to Rs 183.70 during Thursday’s intraday trade on the BSE following the announcement of a significant deal with MTNL. The companies signed a MoU on September 11, 2024, to develop a 13.88-acre land parcel on Pankha Road, New Delhi, into a modern residential and commercial space, with the project valued at approximately Rs 1,600 crore.

CNBC TV18

NBCC and MTNL collaborate for real estate project in New Delhi

The project, valued at around ₹1,600 crore, will convert the land parcel on Pankha Road, New Delhi into residential and commercial space.

The Economic Times

Trai SMS to DoT: Use bank guarantees to recover fine from telcos over spam

Trai took the step after the telcos did not pay up despite several reminders over the last few years. The maximum amount needs to be paid by state-run Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL), amounting to around Rs 50 crore for defaults over 8-10 years, followed by Bharti Airtel (Rs 20 crore), Vodafone Idea (Rs 15 crore) and Reliance Jio (Rs 12 crore). The private telcos haven’t paid penalties for a period of 10 months to three years, said an official.

Mint

Mahanagar Telephone Nigam Q1 Results Live: Loss Falls by 9.13% YOY

Mahanagar Telephone Nigam Q1 Results Live: Revenue decreased by 7.84% YoY & loss decreased by 9.13% YoY

Business Standard

MTNL-BSNL service agreement awaits as DoT checks for tax implications

The 10-year service agreement is crucial for MTNL which is struggling with a heavy debt load of Rs 31,944.51 crore as well as facing operational challenges

The Economic Times

MTNL board approves 10-year service pact with BSNL

The board "accorded its approval to enter into a service agreement between BSNL and MTNL for a period of 10 years or unless it is revoked earlier by giving a notice of six months or extended by mutual consent between the parties, subject to approval of the said service agreement by Department of Telecom / Ministry of Company Affairs ," it said.

Business Standard

MTNL board approves 10-year service pact, share-sale proposal with BSNL

The MTNL board has approved a service agreement with BSNL for a period of ten years, and also a slew of other proposals, including share-sale in overseas subsidiary Mahanagar Telephone (Mauritius). The board, during its meeting, has also approved sale of shares of MTNL in MTNL STPI IT Services Ltd or MSITS, according to regulatory filing by MTNL. The board "accorded its approval to enter into a service agreement between BSNL and MTNL for a period of 10 years or unless it is revoked earlier by giving a notice of six months or extended by mutual consent between the parties, subject to approval of the said service agreement by Department of Telecom / Ministry of Company Affairs ," it said. It has also approved a proposal related to sale of shares of MTNL in Mahanagar Telephone (Mauritius) Ltd or MTML - an overseas wholly-owned subsidiary - in line with applicable Department of Investment and Public Asset Management (DIPAM) guidelines and other regulatory processes. The board has also

The Economic Times

MTNL enters 10-year service agreement with BSNL

Mahanagar Telephone Nigam Limited (MTNL) announced key decisions after a board meeting, including entering a service agreement with BSNL. It approved the closure of Millennium Telecom Limited (MTL), and the proposed sale of shares in MTNL STPI IT Services Ltd (MSITS) and Mahanagar Telephone (Mauritius) Ltd (MTML). All the process will follow regulatory guidelines and laws, said the comapany.

Business Standard

MTNL deposits bond interest payout after invocation of govt guarantee

The struggling state-run company had received Rs 936 million ($11.21 million) from the government for the interest payment as per the guarantee agreement for the bonds

The Economic Times

Centre to pick up bond dues tab for MTNL

The government will pay MTNL bond interest, preventing a sovereign default after MTNL failed to deposit in an escrow account. Borrowers will be compensated per Department of Economic Affairs rules by July 20. MTNL's debt restructuring, involving ₹28,000-30,000 crore, includes staff transfers to BSNL and retirements. MTNL raised ₹2,480 crore in July 2023 via non-convertible debentures at 7.59% interest. The Department of Telecommunications and Beacon Trusteeship oversee payments. India Ratings downgraded MTNL to 'IND D', with a pre-default government guarantee.

The Economic Times

BSNL's CMD denied extension, DoT's Robert Ravi to take charge

The Indian government has appointed Robert Jerard Ravi as the Chairman and Managing Director (CMD) of Bharat Sanchar Nigam Limited (BSNL), Mahanagar Telephone Nigam Limited (MTNL), and Bharat Broadband Network Limited (BBNL) for a six-month period. This decision comes as Pravin Kumar Purwar's tenure as CMD of BSNL, MTNL, and BBNL ends on July 14 without an extension. Ravi, currently serving as a senior telecom department official, will assume the additional charge starting July 15, 2024. Purwar's tenure saw multiple revival packages for BSNL but was marked by delays in launching 4G services, impacting the company's competitive edge.

The Economic Times

Govt mulls handing over MTNL operations to BSNL; merger unlikely

The government is considering an agreement to transfer the operations of Mahanagar Telephone Nigam Ltd (MTNL) to Bharat Sanchar Nigam Ltd (BSNL) instead of pursuing a merger, according to a source familiar with the matter. A decision on this is expected within a month.

The Economic Times

Rating firms monitoring MTNL as telco misses escrow transfer for bond payments

India Ratings & Research (Ind-Ra) is closely monitoring the financial situation of state-owned Mahanagar Telecom Nigam Limited (MTNL) after it failed to transfer sufficient funds to an escrow account for bond interest payments. This breach is deemed a default event, triggering a possible government guarantee invocation. MTNL issued bonds in July 2023, raising Rs 2,480 crore at 7.59% interest. Due to insufficient funds, MTNL couldn't fund the escrow account as required. Ind-Ra and CRISIL Ratings have downgraded MTNL’s unsupported ratings due to its deteriorating financial performance and delayed debt servicing.

The Economic Times

No recharge for MTNL, calls to be routed to BSNL

Government plans to restructure debt and transfer MTNL's operations to BSNL due to financial struggles. Staff may opt for VRS or be transferred. Lack of latest telecom tech has led to subscriber losses for both firms.

Business Standard

Reliance Jio tops with AGR at Rs 25,331 cr, Airtel sees steepest growth

Reliance Jio posted the highest adjusted gross revenue, on the basis of which the government calculates spectrum and licence fee, at Rs 25,330.97 crore while Bharti Airtel saw its AGR grew at sharpest pace in March 2024 quarter, a report by sector regulator Trai said on Thursday. Reliance Jio's adjusted gross revenue (AGR) grew by 10.21 per cent during the latest January-March quarter from Rs 22,985 crore in the same period a year ago. Airtel's AGR grew by 13.25 per cent to Rs 20,951.91 crore in the March 2024 quarter from Rs 15,500.36 crore a year ago. Loss making Vodafone Idea posted a marginal 2.22 per cent year-on-year increase in AGR at Rs 7,370.75 crore from Rs 7,210.63 crore. State-owned BSNL and MTNL posted declines of 4.41 per cent and 13.78 per cent in AGR to Rs 1991.61 and Rs 156.61 crore, respectively. Overall, telecom service providers' gross revenue grew by 3.01 per cent on a year-over-year basis to Rs 87,926 crore and adjusted gross revenue grew by 9.25 per cent in