Why is Apollo Tyres falling/rising?

As of 24-Sep, Apollo Tyres Ltd. is experiencing a price increase, currently at 492.30, reflecting a change of 3.8 (0.78%) upward. The stock has shown a positive performance today, outperforming its sector by 2.14%, and has gained consecutively for the last three days, resulting in a total return of 2.49% during this period. Additionally, the stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The recent rise in delivery volume, which increased by 72.61% compared to the 5-day average, indicates rising investor participation. Despite a year-to-date decline of 7.03%, the company maintains a strong ability to service debt with a low Debt to EBITDA ratio of 1.46 times and has shown healthy long-term growth with net sales increasing at an annual rate of 12.12%.
In the broader market context, Apollo Tyres has outperformed the Sensex over the past week, gaining 1.82% compared to the benchmark's decline of 1.18%. However, the stock has underperformed on a year-to-date basis, with a decline of 7.03% against the Sensex's increase of 4.58%. The high institutional holdings at 41.38% suggest that informed investors are backing the stock, which may contribute to its recent upward movement. While the stock has faced challenges with a 38.3% drop in profits over the past year, its attractive valuation relative to peers and strong operational metrics provide a foundation for potential recovery, supporting the recent positive price action.