Shares of Ircon International Ltd. and Rites Ltd. rose over 5% on Friday after the Department of Public Enterprise granted 'Navratna' status to the Central Public Sector Enterprises.
The continuation of Navratna status is subject to the continued fulfilment of Navratna criteria and conditions, according to their individual exchange filing.
Shares of Ircon International surged 5.78%, the highest since Oct. 4, before paring gains to trade 4.60% higher at 10:18 a.m. This compares to a 0.53% decline in the benchmark NSE Nifty 50.
The stock has risen 138.16% on a year-to-date basis. The total traded volume so far in the day stood at its 30-day average. The relative strength index was at 52.3.
All three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 1.7%.
Shares of Rites rose as much as 5.21%, the most since Sept. 29, before paring gains to trade 3.99% higher as of 10:18 a.m. This compares to a 0.53% decline in the NSE Nifty 50.
The stock has risen 45.7% on a year-to-date basis. Total traded volume so far in the day stood at four times its 30-day average. The relative strength index was at 52.8.
Of the eight analysts tracking the company, four maintain a 'buy' rating, two recommend a 'hold,' and two suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 1.1%.
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