Why is Bihar Sponge falling/rising?

As of 16-Sep, Bihar Sponge Iron Ltd's stock price is currently at 13.89, reflecting an increase of 0.23 or 1.68%. The stock has shown positive momentum recently, gaining for the last two days and achieving a total return of 3.66% during this period. Despite this short-term gain, the stock has underperformed over longer periods, with a year-to-date decline of 16.58% and a staggering 42.91% drop over the past year. Additionally, the company faces significant challenges, including a negative book value and a high debt-to-equity ratio, which contribute to its weak long-term fundamental strength. The recent negative results, including a 33.01% decline in profit after tax, further exacerbate concerns about its financial health.
In the broader market context, the stock's recent performance contrasts sharply with the benchmark, as it has underperformed the Sensex, which has gained 1.58% over the past week. While the stock has outperformed its sector by 1.02% today, the overall trend indicates a struggle against a backdrop of broader market gains. The high percentage of pledged promoter shares adds to the risk, particularly in a falling market, potentially exerting additional downward pressure on the stock price. Overall, while there is a slight uptick in the stock's price recently, the long-term outlook remains precarious due to fundamental weaknesses and significant underperformance relative to the market.