Mahanagar Telephone Nigam (MTNL), state-run basic telephony, mobile and internet services provider said Friday the company has received income tax refund of Rs 1,298.2 million including Rs 211.8 million towards interest on refund. Income tax refund was related to the Assessment Year 2006-07.  

MTNL witnessed a sharp increase in share prices following announcement of income tax refund. The stock is trading at Rs 21.50, up Rs 1.45, or 7.23% at the Bombay Stock Exchange (BSE) on Friday at 12:18 p.m.

The scrip has touched an intra-day high of Rs 22.65 and low of Rs 19.80. The total volume of shares traded at the BSE is 780,624. In the earlier session, the shares rose 1.01%, or Rs 0.2, at Rs 20.05.