Smallcap stock sheds 10% after net loss widens to ₹839 crore in December quarter; time to sell?
MTNL Share Price Today: Shares of Mahanagar Telephone Nigam (MTNL) declined as much as 10 per cent to hit an intraday low of ₹38.89 after announcing its October-December quarter results for fiscal 2023-24 (Q3FY24) earlier today. The state-owned telecom company reported a consolidated net loss of ₹839.03 crore in the December quarter, compared to a net loss of ₹775.50 crore in the year-ago period.
The net sales for the company declined 15.46 per cent to ₹192.24 crore in the December quarter, compared to ₹227.41 crore in the same period last year. The total expense jumped 3.94 oer cent year on year (YoY) to ₹1,174.79 crore in Q3 FY24.
The license fees and spectrum charges stood at ₹16.39 crore, down 24.71 per cent YoY. On a sequential basis, MTNL's net loss widened compared to ₹793 crore in the preceding September quarter.
Last year, MTNL had announced that it will seek shareholders' approval to raise ₹3,126 crore through debt bonds against sovereign guarantee. MTNL said in its exchange filing, “the consent of shareholders is hereby sought for authorizing the board for issue of sovereign guarantee bonds of tenure of ten years or more amounting upto ₹3,126 crore by passing a Special Resolution.
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