The MTNL stock was listed in the five per cent upper circuit, at Rs 6.19. As compared to two-week average trading volume of 2.08 lakh shares, as the stock was locked in the upper circuit, only 34,000 shares changed hands at the BSE.Dealers said, another reason for the stock to remain demand was also because SC ruling, which rejected private telecom companies plea with regard to AGR. SC asked them to clear the dues of DoT to the tune of Rs 93,000 Crore. This sum, analysts said, will be used for the revival package for the government owned telecom companies MTNL & BSNL, which were merged into each other and the decision in this regard was taken at Wednesday’s cabinet meeting. Kotak Institutional Equities in its report released before the SC verdict termed the move to merge BSNL & MTNL as one of the boldest option available to the Government.