Ircon International shares: On October 13th, the shares of Ircon International Limited witnessed a significant surge. Early in the trading day, the company’s shares rose by more than 7%. The catalyst behind this surge was the company’s recent attainment of the ‘Navratna’ status. The ‘Navratna’ label symbolizes a select group of top-performing Central Public Sector Enterprises (CPSEs). These distinguished CPSEs are awarded greater autonomy and financial power by the central government in recognition of their stellar performance.
Ircon International shares: Upon achieving the Navratna status, Ircon International’s shares opened at INR 138.70 on the BSE and INR 138.50 on the NSE. Shortly after, the stock demonstrated strength by climbing to INR 146.25 on the BSE and INR 146.30 on the NSE, reflecting a rise of over 7.6% from its previous closing price. The share had closed at INR 135.85 on the BSE and INR 135.90 on the NSE the previous day. In the past three months, the stock of Ircon International has escalated by more than 70%, and in a year, it’s grown nearly 225%.
Ircon now holds the distinction of being the 15th ‘Navratna’ among the CPSEs. Under the purview of the Ministry of Railways, Ircon had a consolidated annual turnover of INR 10,750 crores and a net profit of INR 765 crores in FY23. On a standalone basis, the company reported an annual turnover of INR 10,262 crores with a net profit of INR 777 crores.
Another public sector company, RITES Limited, has also been graced with the Navratna status, making it the 16th ‘Navratna’ among the CPSEs. Its shares too rose by up to 7% on that Friday. With the Navratna status, a government company can invest up to INR 1,000 crores without seeking government approval.
The prestigious Navratna club includes 14 other companies, such as 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 and Fertilizers Limited.