BEML, RVNL: Rail stocks zoom up to 7% on new metro projects worth Rs 30k cr

Shares of railway companies saw a surge of up to 7 per cent on the BSE during intraday trading on Monday following the Union Cabinet's approval of metro projects exceeding Rs 30,000 crore. 

On Friday, the government greenlit two corridors for Bangalore Metro Rail's Phase-3: Corridor-1, extending from JP Nagar 4th Phase to Kempapura with 21 stations, and Corridor-2, connecting Hosahalli to Kadabagere with nine stations. 

The total completion cost for Phase-3 of the project is estimated at Rs 15,611 crore, with an expected operational date set for 2029.

Additionally, Pune Metro Phase-1 will be extended southward from Swargate to Katraj, covering approximately 5.5 kilometres at an estimated cost of Rs 2,954 crore, with a projected completion date of 2029. 

 

The third project approved is the Thane Integral Ring Metro Rail Project, with a total budget of Rs 12,200 crore. The 29-kilometre corridor will traverse the western periphery of Thane city, featuring 22 stations. The network will be bordered by the Ulhas River on one side and Sanjay Gandhi National Park on the other.

BEML, which is actively involved in metro projects, supplied the coaches for the recently launched Mumbai Metro, soared up 6.84 per cent at Rs 3,985.95 per share. Another railway stock, Titagarh Rail Systems also rallied 3.94 per cent at Rs 1,485.25 per share.

Meanwhile Rail Vikas Nigam Ltd (RVNL) shot up by 3.42 per cent at Rs 589.90 per share. Moreover shares of Texmaco Rail & Engineering were also up by 2.56 per cent at Rs 256.15 per share at intraday levels. 

At 12:54 PM; the shares of BEML were trading 4.22 per cent higher at Rs 3,887.75 per share, while RVNL shares were up 1.50 per cent at Rs 578.90 per share. The shares of Titagarh Rail Systems were trading 3.15 per cent higher at Rs 1,474 per share, whereas shares of Texmaco Rail & Engineering were up by 1.42 per cent at Rs 253.30 a piece.