IRCON International Ltd. shares rallied 9%, and RITES Ltd. shares rallied 7% on 13 October after the company informed the exchanges on 12 October that they had been granted the “Navratna” status by the Government of India.

The term “Navratna” refers to a select group of top-performing CPSEs that have been granted greater autonomy and financial powers by the Centre.

IRCON International said in a BSE filing, “Department of Public Enterprise, vide its letter dated 12 October 2023 has granted the Navratna Status to IRCON.”

IRCON International has become the 15th company, and RITES has become the 16th company to be granted the “Navratna” status.

For a company to be granted the “Navratna” status, the company has to post 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 yearly net worth of over Rs 15,000 crore for three successive years.

IRCON International shares have gained more than 152% during a period of 6 months, and the shares of RITES have gained more than 44% over the same period.

At 2:28 pm, the shares of IRCON International were trading at Rs 151.25 or 11.30% above its previous close on NSE.