India's Mahanagar Telephone Nigam rises on property sale

** Shares of Mahanagar Telephone Nigam Ltd NSE:MTNL rise as much as 9.4% to 39.58 rupees

** Co approved sale of residential property at Mumbai for 3.51 billion rupees ($38.7 million)

** Stock on track to snap two consecutive days of losses

** More than 5.9 million shares traded, as of 10:58 A.M. IST, 4.4x their 30-day moving avg

** MTNL last up 7.9%, cutting YTD losses to 28.1%

($1 = 90.8125 Indian rupees)