Govt Grants Navratna Status To 2 PSU Stocks, Shares Rally Up To 215% In 1-Yr

Leading public sector undertakings, IRCON International and RITES informed exchanges that the two have been granted Navratna status by the government on Thursday. However, shares of both the PSUs witnessed a decline. IRCON International shares fell 0.80% intraday to 135.85 per share. Meanwhile, last trading price of RITES share on BSE is Rs 473.45 per share with intraday fall of 0.63%. IRCON International shares rallied 215% in last 1-year. Rites shares soared 37% in last 1-year. Check details below:

RITES Ltd Get Navratna Status: It is worth mentioning that government has decided to grant Navratna status to RITES today, according to its BSE filing.

RITES To Consider Second Interim Dividend On October 30: According to the BSE filing issued on October 12, 2023, "Meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, 31st October, 2023 inter- alia to consider, approve and take on record Standalone and Consolidated Unaudited Financial Results of the Company for the quarter and half year ended on 30th September, 2023." The Company has fixed Wednesday, November 08, 2023 as the Record date for the purpose of payment of Second Interim Dividend for the F.Y 2023-24, if declared by the Board.

RITES Stock Performance & Return: Last trading price of RITES share on BSE is Rs 473.45 per share. Its 52-week high price is Rs 583.45 per share and 52-week low price is Rs 305.75 per share, respectively. The company has a market capitalisation of Rs 11,377.09 crore. RITES shares gained 37% in last 1-year, soared 66% in last 2-years, and rose 97% in last 3-years.

About: RITES operates under the Ministry of Railways and it was incorporated on April 26, 1974, is a multidisciplinary engineering and consultancy organization, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies.

IRCON International Gets Navratna Status: According to the BSE filing of the company dated today, "It is to inform that Department of Public Enterprise, vide its letter dated 12th October, 2023 has granted the Navratna Status to IRCON. 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."

IRCON Stock Outlook & Return: Last trading price of IRCON International share on BSE is Rs 135.85 per share on BSE. Its 52-week high price is Rs 174.55 per share and 52-week low price is Rs 40.30 per share, respectively. The company has a market capitalisation of Rs 12,776.91 crore. IRCON International shares gained 166% in last 6-months, soared 128% YTD, and jumped 215% in last 1-year.

IRCON International About: Ircon International Limited is a central Public Sector Enterprise incorporated as a government company under the Companies Act. 1956. IRCON was set up to utilize the Indian Railway's experience in helping Developing Nations of the world to install or maintain their own railways and also to execute railway projects for private sector, as per its LinkedIn page.