Why is Ashok Leyland falling/rising?

As of 26-Aug, Ashok Leyland Ltd. is experiencing a slight increase in its stock price, currently at Rs 131.45, reflecting a change of 0.45 or 0.34% upward. The stock is close to its 52-week high, being only 2.28% away from Rs 134.45. Despite a recent decline of 1.35% over the past week, the stock has shown a strong performance over the last month with a gain of 7.79%. Additionally, the company has demonstrated healthy long-term growth, with net sales increasing at an annual rate of 24.06% and operating profit rising by 39.90%. The positive financial metrics, including a significant increase in profit after tax and a favorable PEG ratio of 0.9, contribute to the stock's attractiveness, despite the risks associated with a high debt-to-equity ratio of 3.06 times.
In the broader market context, Ashok Leyland's recent performance contrasts with the benchmark Sensex, which has declined by 1.05% over the past week. While the stock has outperformed the sector by 0.71% today, the overall market sentiment appears to be cautious, as indicated by a notable drop in investor participation, with delivery volume falling by 80.73% against the five-day average. However, the stock's liquidity remains adequate for trading, suggesting that despite the broader market challenges, Ashok Leyland's strong fundamentals and consistent returns over the past three years are supporting its upward price movement.