MTNL ropes in advisors to Monetise property, stock soars 6%

State-controlled Mahanagar Telephone Nigam  (MTNL) gained more than 6 percent in early trade on Friday on reports that the company will monetise its property.

According to The Economic Times report, MTNL has mandated property consultant DTZ and Feedback Infrastructure Services to help it monetise its 0.78 million sq ft of built-up office space, and land parcels in Mumbai and Delhi.

"The consultants will also help MTNL in its plan to develop about 50 land parcels aggregating 6.10 million sq ft in these circles either on its own or in joint ventures with developers," the report said.

Shares rose 2.46 percent to Rs 27.05 at 10:59 hours IST on Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 1,704.15 crore.