The shares of three prominent state-owned enterprises - RailTel Corporation of India, SJVN, and NHPC reported a surge in their trading activity on Monday (September 2) after the Department of Public Enterprises, Ministry of Finance, Government of India announcement of granting these companies the ‘Navratna’ status on August 30, 2024.
This news has sparked investor interest, leading to intraday gains of up to 5.2 per cent.
The three companies, earlier on August 30, through an exchange filing made the announcement of the company receiving the grant of Navratna Status.
Market Reaction to the Navratna Status
As of Monday morning, the stocks of these companies are trading on a positive note.
RailTel Corporation of India shares |
During the intraday trading, the shares of RailTel Corporation of India’s climbed by 4.59%. As of 1:19 pm IST, the shares of the company were trading at Rs 497.00, up by 1.22 per cent.
The stocks of the company today opened at 512.60 apiece and went to a high of 516.00 per share during the intraday trading.
SJVN shares |
Similarly, the stocks of SJVN also had a 3.3 per cent rise during the intraday trading. As of 1:19 pm IST, the shares are being traded at Rs 135.60 apiece, up by 1.69 per cent. The shares of the company today opened at Rs 140.00 per share.
NHPC shares |
Furthermore, the shares of NHPC recorded a 2.45 per cent gain. The shares of the company 1:46 pm IST were trading at Rs 97.72, up by 1.69 per cent.
What Does Navratna Status Mean?
The ‘Navratna’ classification is a designation given to high-performing government-owned enterprises that have previously been recognised as ‘Miniratna’ Category I companies. Introduced in 1997, the Navratna scheme aims to identify and promote CPSEs with strong competitive advantages.
