Why is Alembic falling/rising?

As of 15-Jul, Alembic Ltd's stock price is currently at 119.90, reflecting an increase of 2.1, or 1.78%. The stock has been gaining momentum recently, with a consecutive gain over the last two days and a total return of 2.3% during this period. It has outperformed its sector by 0.53% today and reached an intraday high of Rs 121.6, which is a 3.23% increase. Despite these positive movements, the stock has shown a year-to-date decline of 9.34% and a significant drop of 18.71% over the past year, indicating a challenging longer-term performance. The company has reported positive results for the last six consecutive quarters, with strong operating profit growth, but it also faces a high valuation concern with a Price to Book Value of 1.3, which may deter some investors.
In the broader market context, Alembic's short-term performance has been favorable compared to the benchmark, as it has gained 1.52% over the past week while the Sensex has declined by 1.36%. However, the stock has underperformed the market significantly over the past year, where the BSE500 has generated a return of 0.37% compared to Alembic's negative return of -18.71%. The low participation from domestic mutual funds, holding 0% of the company, suggests a lack of confidence in the stock's valuation or business prospects. Overall, while Alembic Ltd is experiencing a short-term rise in price, its long-term performance and valuation concerns may continue to weigh on investor sentiment.