The Cabinet approved metro projects worth over Rs 30,000 crore in Pune, Thane, and Bangalore on Friday, on Monday, railway stocks were the focus.
Monday morning saw higher trading for the shares of Texmaco Rail & Engineering (2.25 per cent), RVNL (3.39 per cent), Titagarh Rail Systems 4.25 per cent), BEML (6.79 per cent), and IRFC (1.69 per cent).
Rail stocks have seen tremendous growth this calender year. This year, RVNL shares have increased by more than 218 per cent, while IRFC has increased by more than 80 per cent.
Significant gains were also recorded by other stocks, such as BEML (39 per cent) and Titagarh Rail Systems (40 per cent).
New approved projects (Banglore)
Phase 3 of the Bangalore Metro Rail Project, which includes two elevated corridors and 31 stations and spans 44.65 km, was approved by the Union Cabinet, which is presided over by Prime Minister Narendra Modi.
With 22 stations along its 32.15 km length, Corridor-1 connects Kempapura to JP Nagar's fourth phase. Stretching 12.50 km in length and featuring nine stations, Corridor-2 connects Hosahalli and Kadabagere. In order to be operational by 2029, Phase 3 of the project will require an estimated Rs 15,611 crore to complete.
Maharashtra projects
The Maharashtra corridor for the Thane Integral Ring Metro Rail Project was also approved by the Cabinet. A press release states that the 29-kilometre corridor, which will have 22 stations, will encircle Thane City's western edge. On one side of the network is the Ulhas River, and on the other is Sanjay Gandhi National Park.
The project is expected to cost Rs 12,200.10 crore, with partial funding from bilateral agencies and equal equity from the governments of Maharashtra and India.
According to a release, the necessary money will also be obtained through a number of financing strategies, including value-capture financing, asset sales, and the sale of station naming and access rights for corporations.
