Why is APL Apollo Tubes falling/rising?

As of 01-Sep, APL Apollo Tubes Ltd is experiencing a price increase, currently at Rs 1,637.80, reflecting a rise of Rs 35.85 or 2.24%. The stock has shown positive momentum, gaining for the last two days with a total return of 2.49% during this period. It outperformed its sector by 1.03% today and reached an intraday high of Rs 1,642. The stock's performance over the past month has been favorable, with a 2.93% increase, and it has significantly outperformed the benchmark Sensex, which has declined by 1.56% over the same week. The company's strong fundamentals, including a robust Return on Capital Employed (ROCE) of 26.81% and a low Debt to EBITDA ratio of 0.34, contribute positively to investor sentiment. Additionally, the increase in institutional holdings by 1.36% indicates growing confidence among sophisticated investors.
Broader Market Context: In the context of the broader market, APL Apollo Tubes has managed to outperform the Sensex, which has seen negative returns of -1.56% over the past week. While the stock has generated a return of 12.02% over the past year, the Sensex has declined by 2.43% in the same timeframe, highlighting the stock's resilience in a challenging market environment. The overall market has been under pressure, with the BSE500 index showing a negative return of -4.75% in the last year, yet APL Apollo Tubes has continued to deliver positive returns, reinforcing its position as a strong performer amidst broader market challenges.