Why is Alankit falling/rising?

As of 24-Jul, Alankit Ltd's stock price is currently at 16.03, reflecting an increase of 0.31 or 1.97%. The stock has shown a trend reversal, gaining after eight consecutive days of decline. Despite this recent uptick, the stock has underperformed over the past year, with a return of -33.10%, while its profits have increased by 4.8%. The stock is trading at a premium compared to its peers, with a Price to Book Value of 1.5, and has a Return on Equity (ROE) of 7.6, indicating fair valuation. However, the stock's liquidity is adequate for trading, although there has been a significant drop in investor participation, with delivery volume falling by 52.32% compared to the five-day average.
In the broader market context, Alankit's short-term performance has outpaced the benchmark Sensex, which has seen a slight decline of 0.09% over the past week, while Alankit has decreased by only 0.62%. Over the past month, Alankit has performed significantly better than the benchmark, with a return of +10.25% compared to the Sensex's +0.16%. Despite these short-term gains, the stock's long-term fundamentals remain weak, as indicated by its average ROE of 7.86% and the reliance on non-operating income, which constitutes a substantial portion of its profits. This combination of factors suggests that while there may be some short-term recovery, the overall outlook for Alankit remains challenging.