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MTNL refuses to comment on NYSE listing

State-owned telecom firm Mahanagar Telephone Nigam Ltd on Wednesday refused to comment on market rumours the company's shares will be listed Thursday on the New York Stock Exchange.

S Sundaresan, MTNL's finance director, said that he had no comment on MTNL's NYSE listing plans.

MTNL's stock rose as much as 4.7 per cent to a high of Rs 189.90 on Wednesday on the Bombay Stock Exchange on market talk that the telecom company's shares would be listed on the NYSE by Thursday.

At 2:55 p.m, MTNL's shares were trading at Rs 188.75.

"The market is expecting MTNL's overseas listing by Thursday evening," said a dealer with a local brokerage. "The listing should be a touch under Rs 200 and the underlying stock in domestic markets should be within striking distance of Rs 200."

The stock also rose ahead of the company's third-quarter results due on Thursday.

Analysts forecasts for the telecom company's October-December earnings varied widely.

A Reuters poll of brokerages forecast an average 6.27 per cent growth in profit to Rs 3.87 billion, on sales of Rs 14.59 billion, up 19.68 per cent.

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