MTNL Shares Jump 13% After ₹891.53-Crore Powai Property Sale

In early trade, Mahanagar Telephone Nigam (MTNL) shares jumped nearly 13% on Thursday after the state-owned telecom company approved the sale of its Powai property in Mumbai to the Income Tax Department for ₹891.53 crore. The company said its board approved the transaction through a circular resolution dated 1 October 2026.

MTNL shares were trading at ₹24.90 on the National Stock Exchange (NSE) at 11:55 am, up 8.40% from the previous close.

MTNL To Transfer Powai Property To Income Tax Department

The property is located at Plot-C, Technology Street in Powai, Mumbai. MTNL said the sale will take place through a government-to-government (G2G) transfer or direct sale to the Income Tax Department.

The property covers a land area of 20,895.60 square metres. The transaction has been approved under the Presidential Approval and Alternative Mechanism (AM) framework.

The Income Tax Department had formally accepted the property transfer before the board cleared the sale.

MTNL Property Sale Worth ₹891.53 Crore

The transaction will bring ₹891.53 crore to MTNL through the sale of the Powai property. The board's approval on 1 October completes the company's internal approval for the transaction, following the required government-level clearances and the Income Tax Department's acceptance.

The property sale comes as MTNL continues to monetise its assets through transactions involving government departments.

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