IRCON International stock jumped nearly 11 percent in trade on October 13 following the Government of India's decision to grant 'Navratna' status to the PSU, allowing it more autonomy.
At 3:06 pm the IRCON International stock was trading 10.52 percent higher at Rs 150.60 on NSE. Along with the same other railway stocks as RVNL and IRCTC were also trading in green.
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.
The notification further stated that, "IRCON will be the 15th Navratna amongst the CPSEs. IRCON is a CPSE under Ministry of Railways with an annual turnover of Rs.10,750 crore and net profit of Rs.765 crore (on consolidated basis) and annual turnover of Rs.10,262 crore and net profit of Rs.777 Crore (on standalone basis) for the year 2022-23."
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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.
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.
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