IRCON International stock jumped nearly 5 percent in early trade on October 13 following the Government of India’s decision to grant ‘Navratna’ status to the PSU, allowing it more autonomy. At 9:19 am the IRCON International stock was trading 4.60 percent higher at Rs 142.24 on NSE.

IRCON International Ltd. and RITES Ltd. informed the exchanges on Thursday, October 12, that they have been granted the “Navratna” status by the Government of India. As a “Navratna” company, a state-run enterprise has the authority to invest up to Rs 1,000 crore without explicit government approval. IRCON and RITES have become the 15th and 16th Central Public Sector Enterprises (CPSEs) to have been granted the “Navratna” status.

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Fourteen other companies have been bestowed with the “Navratna” status by the Indian government. These include Bharat Electronics, CONCOR, Engineers India, Hindustan Aeronautics, MTNL, NALCO, NBCC, NLC India, NMDC Limited, Rashtriya Ispat Nigam, Shipping Corporation of India, RVNL, ONGC Videsh Ltd, and Rashtriya Chemicals & Fertilizers Limited.

For a company to be granted the “Navratna” status, it has to report a net profit of more than Rs 5,000 crore for three consecutive years and maintain an average annual turnover of Rs 25,000 crore for three years or have an average annual net worth of over Rs 15,000 crore for three years.

IRCON International is involved in infrastructure construction services ranging from roads, highways, and bridges to airports, mass rapid transit systems, and commercial buildings. On the other hand, RITES offers transport infrastructure consultancy, railway inspection, rolling stock leasing, and maintenance and other related services.

Shares of IRCON International have more than doubled so far in 2023, rising 128.02 percent as of closing on October 12. On the other hand, shares of RITES have also risen close to 41 percent so far this year.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

IRCON International stock jumped nearly 5 percent in early trade on October 13 following the Government of India’s decision to grant ‘Navratna’ status to the PSU, allowing it more autonomy. At 9:19 am the IRCON International stock was trading 4.60 percent higher at Rs 142.24 on NSE.

IRCON International Ltd. and RITES Ltd. informed the exchanges on Thursday, October 12, that they have been granted the “Navratna” status by the Government of India. As a “Navratna” company, a state-run enterprise has the authority to invest up to Rs 1,000 crore without explicit government approval. IRCON and RITES have become the 15th and 16th Central Public Sector Enterprises (CPSEs) to have been granted the “Navratna” status.

Follow our live blog for all the market action

Fourteen other companies have been bestowed with the “Navratna” status by the Indian government. These include Bharat Electronics, CONCOR, Engineers India, Hindustan Aeronautics, MTNL, NALCO, NBCC, NLC India, NMDC Limited, Rashtriya Ispat Nigam, Shipping Corporation of India, RVNL, ONGC Videsh Ltd, and Rashtriya Chemicals & Fertilizers Limited.

For a company to be granted the “Navratna” status, it has to report a net profit of more than Rs 5,000 crore for three consecutive years and maintain an average annual turnover of Rs 25,000 crore for three years or have an average annual net worth of over Rs 15,000 crore for three years.

IRCON International is involved in infrastructure construction services ranging from roads, highways, and bridges to airports, mass rapid transit systems, and commercial buildings. On the other hand, RITES offers transport infrastructure consultancy, railway inspection, rolling stock leasing, and maintenance and other related services.

Shares of IRCON International have more than doubled so far in 2023, rising 128.02 percent as of closing on October 12. On the other hand, shares of RITES have also risen close to 41 percent so far this year.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.