Shares of BEML gained as much as 7% on Monday after the Union Cabinet approved metro projects worth over ₹30,000 crore on Friday.

The government first approved two corridors of the Bangalore Metro Rail project Phase-3 with Corridor-1 being from JP Nagar 4th Phase to Kempapura with 21 stations and Corridor 2 from Hosahalli to Kadabagere with nine stations.

Pune Metro’s Phase-1 also got an extension towards the south from Swargate to Katraj for nearly 5.5 kilometers. The total cost for this project will be around ₹2,954 crore and is expected to be operational by 2029.

The third approval came for the Thane Integral Ring Metro Rail Project with a total cost of ₹12,200 crore

BEML is closely associated with metro projects as coaches of the recently inaugurated Mumbai Metro project have also been supplied by the company.

Shares of Rail Vikas Nigam, which has also earlier executed Metro-related work gained nearly 3% on Monday and are currently trading 1.6% higher.

Shares of other railway linked companies like IRFC and RailTel are currently trading with modest gains.

BEML shares are trading with gains for the second day in a row, as are those of Rail Vikas Nigam.