(MC)
Shares of state-run IREDA surged around 13 percent in early trade on April 29 after the company achieved the ‘Navratna’ status. In its latter, the Department of Public Enterprises (DPE) in its letter
dated April 26 has granted the ‘Navratna status’ to Indian Renewable Energy Development Agency.
At 10.30 am, shares of IREDA were quoting Rs 184 on the NSE, up 7.8 percent, compared to the previous session’s closing price. PSUs are given a status, from Maharatna companies, Navratna companies, and Miniratna companies. Navratna companies can invest up to Rs 1,000 crore without prior government approval.
They also have the ability to allocate around 15 percent to a specific project or 30 percent of their net worth over an entire year, as long as it is under the Rs 1,000 crore limit. There are 16 listed ‘Navratna’ PSUs, including Rail Vikas Nigam, HAL, ONGC, Nalco and BEL. IREDA, under the Ministry of New and Renewable Energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation.
