NHPC‘s share price was racing at the bourses on Monday going up over 4.5% to hit an intraday high of ₹100.50.

What Happened: The surge today comes as the company announced that the government has approved the proposal to grant Navratna status to the company.

Navratna status grants Indian public sector enterprises like NHPC enhanced financial and operational autonomy. With this status, NHPC can make investment decisions up to ₹1,000 crore without central approval and invest up to 30% of its net worth annually.

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This designation also allows NHPC to form joint ventures, partnerships, and subsidiaries abroad, boosting its strategic and operational flexibility. Along with NHPC, SJVN, Solar Energy Corporation and RailTel Corporation of India, were also handed “Navratna” status late last week.

Mazagon Dock Shipbuilders was awarded “Navratna“ status back in June.

Price Action: NHPC’s share price was up 2.49% to trade at ₹98.51 shortly after market open on Monday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.