Not just defence — railway stocks are on a roll too, surge up to 30%

Railway stocks also joined the rally, with most stocks in the segment gaining sharply. Shares of Rail Vikas Nigam, RITES, BEML, Ircon International, RailTel Corporation of India, IRCTC, and Indian Railway Finance Corporation delivered returns of up to 30% in May, as investors responded positively to steady order wins and healthy performance in the March quarter. However, the recent pickup in order flow has renewed investor interest, attracting them back into the railway segment alongside the continuing momentum in defence stocks.