Navratna crown for Railtel, Satluj Jal Vidyut Nigam, NHPC, and Solar Energy Corp.

Railtel Corporation of India, Satluj Jal Vidyut Nigam, National Hydroelectric Power Corp., and Solar Energy Corporation of India Ltd have been upgraded to Navratna status, the finance ministry's department of public enterprises announced on Friday.

These companies join the ranks of ONGC Videsh Ltd, Shipping Corp. of India Ltd, and Hindustan Aeronautics Ltd among India's top-tier Central public sector enterprises, taking the total count of Navratna entities to 25.

The Navratna status is granted to government-owned companies that were previously under the 'miniratna' category I status based on their financial and market performance.

The Navratna status grants public sector enterprises greater autonomy, allowing them to invest up to 30% of their net worth in a year, with a cap of ₹1,000 crore, and assign investments of up to ₹1,000 crore to projects without needing government approvals.

They can also form joint ventures or alliances and set up overseas subsidiaries.

National Hydroelectric Power Corp., a public sector enterprise under the Union ministry of power, reported an annual turnover of ₹8,405 crore and a net profit of ₹3,744 crore for FY 2023-24. Satluj Jal Vidyut Nigam, also under the same ministry, had a turnover of ₹2,833 crore and a profit of ₹908 crore. 

Solar Energy Corporation of India, under the ministry of renewable energy, recorded an annual turnover of ₹13,035 crore with a net profit of ₹436 crore for FY24. Railtel, which falls under the ministry of railways, had an annual turnover of ₹2,622 crore and a profit of ₹246 crore.

The government recently awarded the Navratna status to Indian Renewable Energy Development Agency Ltd, which was listed on the Indian stock exchanges in November. The company’s stock has more than doubled from its listing price, but ended Friday 5% lower on BSE at ₹241.95 per share.

Railtel ended Friday nearly unchanged at ₹490.80 per share, while the BSE's Sensex index inched up 0.28%, or 231.16 points, to 82,365.77.