Railtel Corporation of India's shares rose 5% after getting the ‘Navratna' status from the government.

What Happened: On August 30, the Department of Public Enterprises, Ministry of Finance granted the ‘Navratna' status. 

Through the Navratna status, public sector companies like Railtel can get higher financial and operational autonomy.  The company can invest up to ₹1,000 crore without central approval and invest up to 30% of its net worth annually. 

Furthermore, it can also enhnace its strategic and operational flexibility by forming joint ventures, partnerships, and subsidiaries abroad. NHPC, SJVN and Solar Energy Corporation have also been granted the Navratna status over the weekend. 

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Defence major, Mazagon Dock Shipbuilders was granted the Navratna status back in June. 

In the previous week, Railtel also acquired a ₹70.93 crore order from Eastern Railway to implement a unified communication Infrastructure comprising LANInfra, IP exchange, VOlP-based control communication and IP-MPLS-based network. 

Price Action: Shares of Railtel Corporation rose 5.13% to an intraday high of ₹516 on Monday morning. 

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