India Ratings & Research (Ind-Ra) is closely monitoring the financial situation of state-owned Mahanagar Telecom Nigam Limited (MTNL) after it failed to transfer sufficient funds to an escrow account for bond interest payments. This breach is deemed a default event, triggering a possible government guarantee invocation. MTNL issued bonds in July 2023, raising Rs 2,480 crore at 7.59% interest. Due to insufficient funds, MTNL couldn’t fund the escrow account as required. Ind-Ra and CRISIL Ratings have downgraded MTNL’s unsupported ratings due to its deteriorating financial performance and delayed debt servicing.
Tech View: Nifty forms red candle on daily chart, suggesting weakness. What traders should do on Friday
Nifty opened flat and traded within a narrow range, closing negatively at 24,205, noted Hrishikesh Yedve from Asit C. Mehta Investment Intermediates. He highlighted that
October 31, 2024