Engineers India gets Navratna status, stock rises

Engineers India Ltd was on Tuesday conferred the coveted 'Navratna' status, which would give the state-owned firm more financial and operational autonomy.

"The Navratna status has been granted to the company subsequent to the fulfilment of the criteria prescribed by Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises, Government of India," EIL said in a statement in New Delhi. The upgraded status will provide the company with "enhanced operational and financial autonomy to work in domestic and overseas markets," it said.

EIL has emerged as one of India's leading engineering consultancy and EPC companies with a diverse portfolio of projects in hydrocarbon, petrochemical, mining and metallurgy, fertiliser, power and infrastructure sectors.

In recent times, the company has expanded its operations internationally and is providing a wide range of engineering consultancy services on various international projects in the Middle East, Africa and South East Asia.

At 1:06 pm, the stock was trading 6 per cent higher at Rs 321.20 on the BSE.