Mahanagar Telephone Nigam (MTNL) is a state-owned telecom utility that provides fixed line and other services in Delhi and Mumbai. The telco is 56% owned by the government with approximately 3.5 million fixed lines in service.MTNL posted a net loss of $135 million during 2010 second quarter against a marginal profit of around $5 million, attributable to higher staff expenses. Wage revisions implemented during the March quarter of 2010 were responsible for this loss. MTNL currently has 45,000 employees and spent 30% of its revenues during the last fiscal 2009-10 on employee wages.
Indian ADRs to Buy, Sell
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