Why is C P C L falling/rising?

As of 02-Jul, Chennai Petroleum Corporation Ltd (CPCL) is experiencing a rise in its stock price, currently at 700.30, reflecting an increase of 19.3 or 2.83%. The stock has outperformed its sector today by 3.34% and has shown consecutive gains over the last two days, with a total return of 3.05% during this period. Additionally, the stock reached an intraday high of Rs 718.95, indicating strong upward momentum. CPCL is trading above its moving averages across various time frames, and there has been a notable increase in investor participation, with delivery volume rising by 8.97% compared to the five-day average. The company also boasts a high dividend yield of 8.08%, which may attract income-focused investors. Despite a significant decline in profits over the past year, the stock is considered to have an attractive valuation relative to its peers, which could be contributing to its recent price increase.
In the broader market context, CPCL's short-term performance has significantly outpaced the benchmark Sensex, which has only increased by 0.79% over the past week, while CPCL has risen by 4.87%. This trend continues over the one-month period, where CPCL's return of 4.99% exceeds the Sensex's 2.50%. However, it is important to note that CPCL has underperformed over the past year, with a decline of 29.04% compared to the Sensex's gain of 5.00%. This historical underperformance may create caution among some investors, but the current positive indicators, such as management efficiency and growth potential, suggest a possible turnaround that is being reflected in the stock's recent upward movement.