New Navaratna's shine brighter

Engineers India is doing well today morning, with the stock opening higher at Rs.311 from the closing of Rs.302.95, hitting an intra day high at Rs.318. Also National Buildings Construction Corporation (NBCC), hit a new high at Rs.322.

Both the stocks are up, reacting to the news which came in after market closure – the Govt granted the companies Navratna Status. This is a very good thing for these companies as it now grants a sense of some more autonomy. These Navaratna companies are entitled to make investments worth Rs.1000  crore or 15% of its net worth on a single project or 30% of its net worth in the whole year, not exceeding Rs.1000 crore, without seeking Govt permission.