MTNL shares rally 17% as board approves Rs 892 crore Powai property sale amid debt worries
Income Tax moved higher for FY26.
· Economic Times Markets, ET Stocks
MTNL shares rose sharply after the company’s board approved the sale of its Powai property in Mumbai to the Income Tax Department for Rs 891.53 crore. The asset monetisation comes as the debt-laden PSU seeks to reduce liabilities, which stood at around Rs 40,000 crore in FY26, according to the government.
Key facts
- Period
- FY26
The analysis
Income Tax reported Rs 892 crore and Rs 40,000 crore for FY26, with movement of 17% attached to those lines. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Why it matters
- With Income Tax involved, this carries a regulatory dimension that can outlast the immediate market reaction.
Market context
- The immediate tone of coverage reads positive.