New Delhi, May 21 -- After a brief setback last year, shares of railway companies are back on investors' radar owing to a combination of sustained order wins and positive market sentiment. RailTel Corp. of India Ltd, Rail Vikas Nigam Ltd, and RITES Ltd have seen their stock gain more than 20% over the past month.

Indian Railway Finance Corporation Ltd, which is the primary lending arm of Indian Railways, also has been riding this wave of optimism.

The IRFC stock is up 8.8% over the past five trading days on NSE, and up 4.29% over the past month, in part due to the government's approval for the company to raise up to Rs.10,000 crore via deep discount bonds.

However, despite the recent rally, shares of IRFC, once a once a market favourit...