Mazagon Dock Shipbuilders, a renowned defence public-sector shipyard under the Ministry of Defence (MoD) in India, had a 7.5% increase in share price to an all-time high of ₹4,271.
As of 11:02 AM, the Mazagon Dock Shipbuilders shares were trading 6.45% at Rs 4227.00.
This increase came after the company disclosed through an exchange filing that the Department of Public Enterprises (DPE) had accepted the proposal to grant Mazagon Dock Shipbuilders Navratna status. This places the business as the 18th Navratna company among public sector enterprises.
In India, public sector enterprises (PSEs) are granted Navratna status based on criteria that include autonomy, operational efficiency and financial performance. To qualify, a company must first fulfil certain financial benchmarks and be a Miniratna Category I PSE, showing consistent profitability.
In 2006, the Department of Public Enterprises granted the company Miniratna Category I status.
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