MTNL Shares Jump Nearly 13% After Rs 891.53 Crore Powai Property Sale
5paisa Capital Ltd
- 0 min read
Last Updated: 1st October 2026 - 02:50 pm
Shares of Mahanagar Telephone Nigam Ltd (MTNL) surged nearly 13% in Thursday morning trade after the state-run telecom company announced the sale of a property in Mumbai’s Powai area to the Income Tax Department for Rs 891.53 crore.
Invest in Indian Markets and Unlock Future Potential With 5paisa!The stock was trading at Rs 25.92 on the NSE at 11:16 am on October 1, up 12.84% from its previous close.
The sharp move came after MTNL informed the exchanges that its board had approved the sale and transfer of the property through a circular resolution dated October 1.
MTNL to Sell Property in Powai to Income Tax Department
The property is situated at Plot C, Technology Street, Powai, Mumbai, and has a total land area of 20,895.60 square metres.
The company will sell the property to the Income Tax Department at a price of Rs 891.53 crore.
The deal will take place through a government-to-government transfer in the form of a direct sale.
Board Approves Property Transfer
As per the information available in MTNL's exchange filing, the deal is made with Presidential Approval and Alternative Mechanism approval.
This comes after the official acceptance from the Income Tax Department.
Now, with the approval from the board, the property in Powai will soon be sold to the Income Tax Department via government-to-government process.
The announcement was met with huge enthusiasm from the market on Thursday morning, with MTNL stocks rising 12.84% to Rs 25.92 on the NSE till 11:16 am.
- Flat ₹20 Brokerage
- Next-gen Trading
- Advanced Charting
- Actionable Ideas
Trending on 5paisa
Anshul Mishra
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.