IREDA Shares Surge After Firm Bags Navratna Tag, Check Price Here

The Navratna status allows firms to invest up to Rs 1,000 crore without any prior govt approval and disburse 15 per cent of their net worth to a particular project or even 30 per cent over a year

The PSUs receive the tag of Maharatna firms, Navratna companies, and Miniratna companies from the authority ( Image Source :IREDA.in )

The Indian Renewable Energy Development Agency (IREDA)’s shares reacted positively after receiving the Navratna tag on Friday. The Department of Public Enterprises (DPE) issued a letter dated April 26 and said that it is granting the ‘Navratna’ status to the public sector firm. 

The energy company issued a regulatory filing on Monday and informed, “In pursuance to Regulation 30 of SEBI (Listing Operations and Disclosure Requirements) Regulations, 2015, this is to inform that Department of Public Enterprises (DPE) vide its letter dated April 26, 2024 has granted the ‘Navratna status’ to Indian Renewable Energy Development Agency Limited (IREDA).”

Reacting to the news, the shares of the company surged as high as 13 per cent in early trade on Monday morning. As of 11:28 AM, the stock price of IREDA climbed 7.68 per cent on the BSE to touch Rs 183.75 apiece, while the stock traded at Rs 183.85 per share on the NSE, registering gains of 7.74 per cent.

Notably, the PSUs receive the tag of Maharatna firms, Navratna companies, and Miniratna companies from the authority. The Navratna status allows companies to invest up to Rs 1,000 crore without seeking any prior government approval. 

These Navratna firms are also allowed to disburse about 15 per cent of their net worth to a particular project or even 30 per cent over the course of a year, as long as the amount remains under the Rs 1,000 crore limit. 

Currently, there are 16 listed Navratna PSUs, namely Bharat Electronics Ltd, Container Corporation of India Limited, Engineers India Limited, Hindustan Aeronautics Limited, Mahanagar Telephone Nigam Limited, National Aluminium Company Limited, National Buildings Construction Corporation Limited, Neyveli Lignite Corporation Limited, NMDC Limited, Rashtriya Ispat Nigam Limited,Shipping Corporation of India Limited, Rail Vikas Nigam Limited, ONGC Videsh Ltd, Rashtriya Chemicals & Fertilizers Limited, IRCON International Limited, and RITES Limited.

As of 1:55 PM, the shares of the company traded at Rs 183.70 apiece on both BSE and NSE.