RITES Limited has received Navratna status by the government of India in tax filing on Thursday, 12 October 2023. RITES and IRCON gets the Navratna Status from the government and after that various positive changes came into existence, check more about Navratna status of RITES here
RITES Navratna Status
Recently, It has been declared that RITES Ltd. (RITES) which is a Central Public Sector Enterprises (CPSE) under the Ministry of Railways, received Navratna Status. RITES and IRCON were given ‘Navratna’ status by the Ministry of Finance on Thursday, 12 October 2023.
RITES Ltd is Leading engineering and consulting company for transport infrastructure in India. It is celebrating its 50th year of incorporation and it is now 16th Navratna CPSE of India after getting RITES Navratna Status. It offers services in a variety of industries, including energy management, urban engineering & sustainability, ports & waterways, railways, export of rolling equipment, and transportation.
RITES is Now Navratna
Rites is a company that offers services in the fields of transport, railways, export of rolling stock, motorways, airports, metros, urban engineering & sustainability, ports & waterways, and energy management. It is entering its 50th year since its founding. The distinction serves as a testament to the faith reposed by valued clients & supportive stakeholders and efforts of our committed employees, stated Rahul Mithal, CMD of Rites.
| Status | Navratna |
| Granted to | RITES ltd |
| Granted by | Indian Govt (Ministry of Finance) |
| Granted on (informed to RITES) | 12 October 2023 |
It will make it possible for Rites to actively pursue new horizons, broaden our global footprint, and continue to grow our brand. It’s a step in the right direction towards realizing our goal of becoming the go-to infrastructure consulting firm.
Changes After getting Navratna Status 2023
The conferral of Navratna status will allow RITES to actively pursue new growth opportunities, further develop its brand, and compete more successfully on the international market. In its 47th year, IRCON’s primary areas of expertise include railways and highways.
PSU company IRCON International’s shares increased 7.2% to 143.75 per share in early Friday trade after the company announced in a filing with the exchange on Thursday that the Department of Public Enterprises had granted it ‘Navratna’ status.
According to the company’s exchange filing, this places IRCON as the 15th Navratna organization among Central Public Sector Enterprises (CPSEs).
Share Hike After Navratna Status
Another PSU, RITES, was also given the ‘Navratna’ designation by the Department of Public Enterprises, making it the 16th Central Public Sector Enterprise (CPSE) to receive this illustrious distinction. Shares of RITES also soared nearly 7% in Friday’s early trade to $506.30 per share in response to this revelation. Shares of RITES and IRCON International were up 5.94% and 6.54%, respectively, as of noon.
Government granted Navratna Status to RITES
Govt granted the Navratna Status to RITES Ltd and after that it became the 16th Navratna CPSE. RITES has entered into its 50th year of excellence services under the ministry of railways and the Ministry of finance gave this status to RITES Limited.
The distinction takes testament of the trust placed in us by dependable clients, encouraging stakeholders, and the dedication of our hardworking workers. It will make it possible for RITES to aggressively pursue new horizons, grow our worldwide reach, and further cultivate our brand.
Why did the Government grant Navratna Status to RITES & IRCON?
The public sector undertakings’ (PSUs’) stock prices have seen a considerable increase during the past year. Strong order books, healthy earnings, and a rise in governmental spending, as evidenced in the most recent Union Budget, are all responsible for this gain. The S&P BSE PSU index, in particular, has impressively increased by 40.69% over the past year, with 25 equities producing returns of above 90%.
With a phenomenal annual return of 236.6%, IRCON International has been a remarkable performer, taking the sixth spot among the top gainers in the index. RITES has also performed well, placing 36th in the index with a yearly return of 44.3%, according to Trendlyne statistics.
Meanwhile, RVNL received ‘Navratna’ designation earlier in April. The ‘Navratna’ businesses are often chosen based on their financial success, operational effectiveness, and strategic value to the Indian economy.
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