Shares of Satluj Jal Vidyut Nigam Ltd. surged almost 5% after the Department of Public Enterprises announced on Friday that the company has been elevated to 'Navratna' status.
SJVN, a public sector enterprise under Union Ministry of Power, is the 25th Navratna. The company had achieved an annual turnover of Rs 2,833 crore and a net profit of Rs 908 crore in financial year 2024.
Shares of other companies which have been offered this status, including National Hydroelectric Power Corp., Solar Energy Corp., and RailTel Corp, also displayed an uptick in early trade.
NHPC shares were up 4.56%, whereas RailTel shares have risen 5.13% intraday as of 09:56 a.m.
Navratna companies are leading public sector enterprises in India, recognised for their exceptional financial and operational capabilities.
These firms benefit from enhanced financial and operational autonomy. They are permitted to invest up to 30% of their net worth in a single year, with a maximum limit of Rs 1,000 crore. They also have the authority to establish joint ventures, form alliances, and create subsidiaries internationally.
Shares of SJNV rose as much as 4.99%, the highest level since Aug. 20, before paring gains to trade 3.11% higher at Rs 137.49 apiece, as of 09:47 a.m. This compares to a 0.32% advance in the NSE Nifty 50.
The stock has risen 51.15% year-to-date. Total traded volume so far in the day stood at 0.81 times its 30-day average. The relative strength index was at 48.91.
Out of six analysts tracking the company, three maintain a 'buy' rating, one recommends a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 20.4%.
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