MTNL

** Shares of Mahanagar Telephone Nigam MTNL.NS slump 7.7% to 45.14 rupees

** Telecom co said it has defaulted on payments to seven banks including Union Bank of India UNBK.NS, State Bank of India SBI.NS and Punjab National Bank PNBK.NS

** Its current total principal default amount to the banks stands at 77.94 bln rupees ($898 mln), overdue interest stands at 4.83 bln rupees

** Stock snaps two straight sessions of gains; eyes worst day in over five weeks

** MTNL gained 14.9% last week, it is down ~3% YTD

($1 = 86.7920 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** India's Mahanagar Telephone Nigam MTNL.NS soars 18% to one-month high of 51.18 rupees

** Stock jumps 20% so far this week, set for best performance since July 2024

** Telecom co earns 21.35 billion rupees ($245 million) in asset monetization of non-core assets such as land and buildings since 2019 up to January 2025, per government's reply in parliament

** Telecom services provider has also earned 2.58 billion rupees ($29.7 million) in asset monetization of core assets such as towers and fiber

** More than 71 million shares traded on the day, 12x six-month daily avg volume

** Stock up 1.6% YTD after today's jump

(Reporting by Vivek Kumar M and Bharath Rajeswaran)

(([email protected];))

NEW DELHI, March 12 (Reuters) - India is not privatising telecom firms Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) MTNL.NS, deputy Communications Minister Pemmasani Chandra Sekhar said in reply to a parliament question on Wednesday.

Last month, the federal government had approved an additional capital expenditure plan of 69.82 billion rupees ($800 million) for BSNL, Sekhar added.

The government had approved 60 billion rupees towards 4G network expansion of MTNL and BSNL, local broadcaster CNBC TV18 reported in February.

($1 = 87.2680 Indian rupees)

(Reporting by Hritam Mukherjee in New Delhi; Editing by YP Rajesh)

(([email protected]; X: @MukherjeeHritam;))

Feb 19 (Reuters) - Mahanagar Telephone Nigam Ltd MTNL.NS:

• GETS NOTICE FOR RECOVERY OF OUTSTANDING TDS/TCS DEMAND

• DEMAND NOTICE AT 24.7 MILLION RUPEES

Source text: ID:nBSEbNdzFh

Further company coverage: MTNL.NS

(([email protected];;))

Feb 10 (Reuters) - Mahanagar Telephone Nigam Ltd MTNL.NS:

• MAHANAGAR TELEPHONE NIGAM - CLARIFIES NO SPECIFIC DECISION ON MEDIA ARTICLE ON CABINET APPROVING 4G PACKAGE

Source text: ID:nBSEcnKQ6

Further company coverage: MTNL.NS

(([email protected];))

** Shares of state-run telecom company Mahanagar Telephone Nigam Limited (MTNL) MTNL.NS rise 17.5% to 56 rupees

** Indian govt will assist MTNL and BSNL in monetizing their assets to unlock value and clear liabilities, says Arunish Chawla, secretary of India's Department of Disinvestment and Public Asset Management, at a CNBC-TV18 event

** Stock set for biggest one-day gain since July 18, 2024

** More than 50 million shares traded, 13x the stock's 30-day avg

** Stock rose about 50% in 2024

(Reporting by Aleef Jahan in Bengaluru)

(([email protected]))

By Nikunj Ohri and Sarita Chaganti Singh

NEW DELHI, Jan 27 (Reuters) - Indian Prime Minister Narendra Modi is pouring billions into ailing state-run firms after slowing ambitious divestment plans that were intended to reduce the role of the state in business, according to government sources and a document reviewed by Reuters.

Less than a month into 2025, New Delhi has plans to invest about $1.5 billion in financial rescue packages for two state-owned firms after failing to sell them to private companies.

It has also decided to put in "abeyance" privatisation of at least nine state-owned units after opposition from relevant ministries, according to a document that detailed recommendations of a government panel set up to identify privatisation candidates. The document, reviewed by Reuters, did not cite reasons for the decision.

The nine companies include Madras Fertilizers MDFT.NS, Fertilizer Corp of India, MMTC MMTC.NS and NBCC (India) NBCC.NS, the document showed.

Housing and Urban Development Corp HUDC.NS, that was also identified for privatisation, has now been 'exempted' implying it will not be sold, according to the document.

Among the state-owned companies being revived with government funding is helicopter operator Pawan Hans.

The government is planning to infuse around $230 million-$350 million in Pawan Hans to modernise its aging fleet of helicopters after four failed attempts to sell the company, two government sources said.

The amount of infusion is still being finalised as the options being considered for fleet modernisation include both outright acquisition and leasing, one of the sources said.

The sources declined to be identified because of the sensitivity of the issue.

India's finance and civil aviation ministries did not immediately reply to e-mails seeking comment on the privatisation plans or on the Pawan Hans investment.

The fund infusion in Pawan Hans and plans to halt the privatisation of nine firms have not been previously reported.

In 2021, Modi's government announced a major programme to privatise most of India's state-run companies. The plan was so drastic that even in the four sectors that India sees as sensitive, such as telecoms and banking, it wanted to keep only a minimum presence, while exiting from all other sectors.

But now it is planning rescue and revival plans for companies even outside the sensitive sectors.

Last week, the government announced a $1.3 billion plan to revive debt-laden steel producer Rashtriya Ispat Nigam Ltd (RINL).

The government has also allocated 80 billion rupees in 2024/25 for bond repayments of state-run telco MTNL that has seen a series of defaults lately, according to budget documents for the current year.

PRIVATISATION SLOWDOWN

Four years since the privatisation policy was announced, the Modi government has had only three successes, out of which Air India's sale to the Tata Group was the largest. The other two were indirect holdings in steel-maker Neelachal Ispat Nigam Ltd to Tata Steel TISC.NS and Ferro Scrap Nigam to Konoike Transport Co 9025.T.

Other large sales have either been deferred or delayed.

The U-turn in policy was partly driven by the expectation that some large state-owned firms could be overhauled and made more profitable, helping the government earn dividend income, Reuters has reported previously.

Political pressures on Modi have increased after he came back to power in mid-2024 only with the help of regional allies, making it more difficult to overcome opposition to privatisation by employee unions fearing job losses.

The sale of state refiner Bharat Petroleum Corp BPCL.NS was rolled back in 2022 after failing to get suitors. The ongoing privatisation of Shipping Corp of India SCI.NS and BEML BEML.NS has been stuck for years due to complications over transfer of land holdings. The government has also been dragging its feet on the sale of a majority stake in IDBI Bank IDBI.NS.

In previous years, privatisation formed an important part of the government’s plan to reduce its budget gap. But with the federal fiscal deficit seen falling to a more comfortable 4.9% of GDP in the 2024-25 year, the fiscal push for divestment has waned.

New Delhi is expected to miss its internal stake sale target of 180 billion to 200 billion rupees in 2024-25 (April-March) for the sixth straight year. As of January, government has mopped up 86.25 billion rupees via stake sales in 2024/25.

($1 = 86.4250 Indian rupees)

(Reporting by Nikunj Ohri and Sarita Chaganti Singh; Editing by Ira Dugal and Raju Gopalakrishnan)

(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

Jan 17 (Reuters) - Mahanagar Telephone Nigam Ltd MTNL.NS:

• MAHANAGAR TELEPHONE NIGAM - EXTENSION OF ADDITIONAL CHARGE OF CMD TO A. ROBERT J. RAVI

Source text: ID:nBSE5QXsfs

Further company coverage: MTNL.NS

(([email protected];;))

Jan 14 (Reuters) - Mahanagar Telephone Nigam Ltd MTNL.NS:

• EXTENSION OF ADDITIONAL CHARGE OF POST OF CMD TO A. ROBERT J. RAVI

• EXTENSION OF ADDITIONAL CHARGE FOR THREE MONTHS

Source text: ID:nBSE2dgjg6

Further company coverage: MTNL.NS

(([email protected];;))

Dec 24 (Reuters) - Mahanagar Telephone Nigam Ltd MTNL.NS:

• APPROVED REDUCTION IN EMPLOYEE COST OF MTNL BY OFFERING VRS

Further company coverage: MTNL.NS

(([email protected];;))

** India's Mahanagar Telephone Nigam Ltd MTNL.NS settles 7.7% higher, after climbing as much as 13.7% earlier in the session

** Logs best day since late-August

** State-run telecom firm says it can not fund escrow for a bond payment due to insufficient funds but sovereign guarantee will be invoked

** Under guarantee, government of India obliged to make payment - company

** Stock logs busiest trading session since early-August, volumes at 13.1x the 30-day avg

** MTNL up 74% YTD

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of Mahanagar Telephone Nigam Ltd (MTNL) MTNL.NS down as much as 4.7% to 42.23 rupees, its lowest in over four months

** State-run telecom firm's Sept-qtr consol net loss widened to 8.90 bln rupees ($105.5 mln) from 7.93 bln rupees a year ago

** Rev from ops dropped 12% y/y to 1.74 bln rupees, expenses grew 4.5%

** Stock last down ~2%, trimming YTD gains to 29%

($1 = 84.3820 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Nov 14 (Reuters) - Mahanagar Telephone Nigam Ltd MTNL.NS:

• MAHANAGAR TELEPHONE NIGAM SEPT-QUARTER CONSOL LOSS 8.9 BILLION RUPEES

• MAHANAGAR TELEPHONE NIGAM SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 1.74 BILLION RUPEES

Source text: ID:nBSE5pVQ6Y

Further company coverage: MTNL.NS

(([email protected];))

Oct 17 (Reuters) - Mahanagar Telephone Nigam Ltd MTNL.NS:

• PUNJAB AND SIND BANK INFORMED THAT ACCOUNTS OF CO HAS TURNED INTO NPA

Source text for Eikon: ID:nNSE9GGMbF

Further company coverage: MTNL.NS

(([email protected];;))

Sept 18 (Reuters) - Mahanagar Telephone Nigam Ltd MTNL.NS:

• MAHANAGAR TELEPHONE NIGAM - LETTER RECEIVED FROM PUNJAB NATIONAL BANK (PNB) DTD

• MAHANAGAR TELEPHONE NIGAM - LOAN ACCOUNTS OF MTNL HAS BEEN DOWNGRADE TO NPA ON SEPT 9

• MAHANAGAR TELEPHONE NIGAM LTD - DOWNGRADE DUE TO NON- PAYMENT OF INTEREST AND INSTALMENT

Source text for Eikon: ID:nBSE3cj53d

Further company coverage: MTNL.NS

(([email protected];))

Sept 11 (Reuters) - NBCC (India) Ltd NBCC.NS:

• NBCC - MEMORANDUM OF UNDERSTANDING BETWEEN NBCC (INDIA) AND MAHANAGAR TELEPHONE NIGAM

• NBCC - MOU FOR 16 BILLION RUPEES

Source text for Eikon: ID:nBSEbldL2R

Further company coverage: NBCC.NS

(([email protected];;))

** Shares of state-run telecom firm Mahanagar Telecom Nigam Ltd (MTNL) MTNL.NS fall ~2% to 60.5 rupees

** Co on Wednesday said all its accounts with Union Bank of India UNBK.NS have been frozen as its loan account slipped into non-performing asset

** No details about the loan accounts were disclosed

** UNBK stock edges 0.1% lower

** With session's loss MTNL trims YTD gains to around 80% while UNBK is up 3.5%

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

** Shares of Mahanagar Telephone Nigam MTNL.NS down 5% to 67.8 rupees

** The telecommunications services provider defaulted in payment of principal & interest to banks

** Total default as on Aug 1 at 4.22 bln rupees ($50.3 mln)

** Stock extends its losses for seven straight sessions

** Stock up ~101.4% YTD

($1 = 83.9100 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected]))

Mahanagar Telephone Nigam Ltd MTNL.NS:

• INDIAN GOVERNMENT HAS PROVIDED 1.53 BILLION RUPEES TO MTNL FOR INVOCATION OF TWO GUARANTEES- GOVERNMENT SOURCE

Source text for Eikon: [ID:]

Further company coverage: MTNL.NS

MUMBAI, July 17 (Reuters) - India's Mahanagar Telephone Nigam Ltd (MTNL) MTNL.NS has made the requisite payment due to be paid to its bondholders later this week, the state-run telecom operator informed the exchanges on Wednesday.

MTNL had to deposit the interest for the semi-annual 7.59%, July 2034 bonds in the third-party escrow account 10 days ahead of the due date, according to the terms of the bond issue, but it failed to do so.

As a result, the government guarantee was invoked in what is likely the first such case, according to merchant bankers.

The struggling state-run company had received 936 million rupees ($11.21 million) from the government for the interest payment as per the guarantee agreement for the bonds, as it did not have sufficient funds for the payout.

Due to the invocation of the guarantee, the government had to transfer the funds three days before the actual payout date.

"There was not much of a concern of default but possibly the communication could have been better and done in advance. It seems like the government may have wanted to react as per the sequence of the payment structure," a merchant banker said requesting anonymity.

The bonds are rated AAA (CE) by India Ratings and Careedge because the interest and principal payment are guaranteed by the federal government.

Indian bond market participants are also expecting the government to help towards other upcoming interest and principal payments for MTNL bonds.

The struggling state-run telecom services provider has to clear an interest payment of 1.4 billion rupees from other bonds over the next two months.

($1 = 83.5330 Indian rupees)

(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Janane Venkatraman )

(([email protected]))

MUMBAI, July 15 (Reuters) - Indian credit rating agency India Ratings will monitor developments at Mahanagar Telephone Nigam Ltd MTNL.NS as a government guarantee for a bond issue was invoked after the state-run telecom services provider failed to transfer funds for interest payment.

The bonds are rated AAA (CE) by India Ratings as the interest and principal payment are guaranteed by the federal government.

According to an agreement, MTNL has to put the semi-annual interest in the third-party escrow account 10 days ahead of the due date, but it failed to do so due to "insufficient funds".

"Due to insufficient funds, MTNL could not fund the ESCROW Account with the adequate amount," the company said in a notice to the stock exchanges last week.

Escrow refers to a neutral third party holding assets or funds before they are transferred from one party to another in a transaction.

Rating agency Brickwork Ratings earlier said it continued to factor in the complete erosion of MTNL's net worth, continuous weak financial and operational performance, its categorisation as an "incipient sick CPSE (Central Public Sector Enterprise)" by the Department of Public Enterprises and the Department of Telecommunications, and the fact that it is considered to be a going concern only on account of government support.

In July 2023, MTNL raised 24.80 billion rupees ($296.97 million) through 10-year government-guaranteed bonds at a semi-annual coupon of 7.59% and the interest payment is due on July 20.

In case of a default, the government has to transfer the funds three days before the actual payout date, according to the agreement.

India Ratings said it will monitor the developments and take appropriate rating actions. The "breach of condition of the debenture trustee deed is considered as event of default", the ratings agency added.

MTNL had defaulted on the interest and principal payment of another loan worth 3.29 billion rupees earlier this year.

India Ratings and Brickwork Ratings then downgraded the independent or unsupported rating of the company to D.

($1 = 83.5090 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sohini Goswami)

(([email protected]))

** Shares of Mahanagar Telephone Nigam MTNL.NS down as much as 2.5% to 37.05 rupees

** The telecommunications services provider's March-qtr loss widened to 7.84 bln rupees ($94 mln) from a loss of 7.49 bln rupees an year ago

** Revenue from operations fell 4.6% Y/Y; revenue from its cellular segment fell 20.5% Y/Y

** Including session's move, stock is up 10.6% YTD

($1 = 83.4230 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

MUMBAI, March 5 (Reuters) - India's Mahanagar Telephone Nigam Ltd MTNL.NS (MTNL) has accepted bids worth 5.56 billion rupees ($67.06 million) for government-guaranteed bonds maturing in 10 years, three bankers said on Tuesday.

The state-run company has set a semi-annual coupon of 7.51% on the bond issue.

In November, MTNL had raised 25.70 billion rupees via 10-year bonds at a semi-annual coupon of 7.80%.

Here is the list of deals reported so far on March 5:

* Size includes base plus greenshoe for some issues

($1 = 82.9150 Indian rupees)

(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Sohini Goswami)

(([email protected]))

MUMBAI, March 1 (Reuters) - India's Mahanagar Telephone Nigam Ltd (MTNL) MTNL.NS plans to raise up to 5.56 billion rupees ($67.10 million), which includes a greenshoe option of 3.56 billion rupees, through a sale of government-guaranteed bonds maturing in 10 years, three bankers said on Friday.

The state-run company has invited bids from bankers and investors for the issue on Tuesday, they said.

In November, MTNL had raised 25.70 billion rupees via 10-year bonds at a semi-annual coupon of 7.80%.

Here is the list of deals reported so far on Mar. 1:

*Size includes base plus greenshoe for some issues

($1 = 82.8650 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Sonia Cheema)

(([email protected]))

MUMBAI, Nov 6 (Reuters) - India's Mahanagar Telephone Nigam Ltd MTNL.NS (MTNL) has set a semi-annual coupon of 7.80% on its government-guaranteed bonds maturing in 10 years, three merchant bankers said on Monday.

The telecom company has also accepted bids worth 25.70 billion rupees ($308.86 million) for the issue, for which it invited bids earlier in the day.

In August, MTNL had raised 10.55 billion rupees via 10-year government-guaranteed bonds at a semi-annual coupon of 7.61%. In July, it raised 24.80 billion rupees via government-guaranteed bonds at a semi-annual coupon of 7.59%.

Here is the list of deals reported so far on Nov. 6:

*Size includes base plus greenshoe for some issues

($1 = 83.2100 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Nivedita Bhattacharjee)

(([email protected]))

MUMBAI, Nov 2 (Reuters) - India's Mahanagar Telephone Nigam Ltd MTNL.NS has invited bids on Monday for its government-guaranteed bonds maturing in 10 years, three merchant bankers said on Thursday.

The company plans to raise at least 10 billion rupees through the bonds.

In August, the company had raised 10.55 billion rupees via 10-year government-guaranteed bonds at a semi-annual coupon of 7.61%. In July, it raised 24.80 billion rupees via government-guaranteed bonds at a semi-annual coupon of 7.59%.

Here is the list of deals reported so far on Nov. 2:

*Size includes base plus greenshoe for some issues

($1 = 83.2550 Indian rupees)

(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Sohini Goswami)

(([email protected]))

MUMBAI, Nov 1 (Reuters) - State Bank of India SBI.NS has set a coupon of 7.81% on Basel III-compliant tier-II bonds maturing in 15 years, three merchant bankers said on Wednesday.

The country's largest lender has also accepted bids worth 100 billion rupees ($1.20 billion) for this issue. It had invited bids for the issue earlier in the day.

The bonds have a call option at the end of the tenth year.

SBI last raised funds via tier-II bonds maturing in 15 years in September 2022. It had raised 40 billion rupees at a coupon of 7.57%.

In September 2023, it raised 100 billion rupees via infrastructure bonds maturing in 15 years at a coupon of 7.49%.

Here is the list of deals reported so far on Nov. 1

*Size includes base plus greenshoe for some issues

($1 = 83.2775 Indian rupees)

(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Sonia Cheema)

(([email protected]))

By Dharamraj Dhutia

MUMBAI, Oct 18 (Reuters) - India's Mahanagar Telephone Nigam Ltd MTNL.NS (MTNL) is likley to raise funds by issuing government-guaranteed bonds maturing in 10 years in November, three merchant bankers said on Wednesday.

The state-run telecommunications company may look to raise around 20 billion rupees ($240.24 million) via this bond issue and may invite bids in the first half of the month.

"The company is waiting for some stability in yield levels, before coming to the market," one of the bankers said.

MTNL has received the sovereign guarantee to raise 66.1 billion rupees in the current financial year.

In August, it had raised 10.55 billion rupees via 10-year government-guaranteed bonds at a semi-annual coupon of 7.61%. In July, it raised 24.80 billion rupees via government-guaranteed bonds at a semi-annual coupon of 7.59%.

MTNL is yet to officially announce the bond issue and did not immediately respond to a Reuters' email seeking comment.

($1 = 83.2500 Indian rupees)

(Reporting by Dharamraj Dhutial;Editing by Nivedita Bhattacharjee)

(([email protected]))

** Shares of Mahanagar Telephone Nigam MTNL.NS rise as much as 7.31% to 32.30 rupees apiece

** Rise after 1.09 mln shares of the telecommunications services provider change hands in two blocks, in the price range of 31.80-31.95 rupees apiece, as of 2:31 p.m. IST - LSEG data

** Stock most active in over two weeks, with a trading volume of 34.62 mln shares as of 2:31 p.m. IST, nearly thrice the 30-day avg

** Stock up ~19% YTD

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463))

Sept 1 (Reuters) - Mahanagar Telephone Nigam Ltd MTNL.NS:

• MAHANAGAR TELEPHONE NIGAM LTD - CO INKED MOU WITH BHARAT SANCHAR NIGAM LIMITED

• MAHANAGAR TELEPHONE NIGAM LTD - MOU FOR SYNERGY OF OPERATIONS BETWEEN MTNL & BSNL

• MAHANAGAR TELEPHONE NIGAM LTD - MOU TO ALSO PROVIDE BROAD FRAMEWORK FOR IMPLEMENTATION OF DECISIONS TAKEN BY UNION CABINET

Source text for Eikon: ID:nBSE5BCyt3

Further company coverage: MTNL.NS

(([email protected];))