Why is Chennai Ferrous falling/rising?

As of 30-Jul, Chennai Ferrous Industries Ltd is experiencing a price increase, currently at Rs 123.80, which reflects a rise of Rs 2.8 or 2.31%. The stock has shown positive momentum, gaining for three consecutive days with a total return of 3.55% during this period. It reached an intraday high of Rs 125, outperforming its sector by 1.72%. Despite this recent uptick, the stock has underperformed over the longer term, with a year-to-date decline of 5.86% and a 7.58% drop over the past year. The company has reported positive results for the last four consecutive quarters, with net sales growing significantly, but it has also seen a decline in profits. The stock is trading at a premium compared to its peers, which may attract some investors, although there are concerns about weak long-term fundamentals and consistent underperformance against benchmarks.
In the broader market context, the stock's short-term performance contrasts with the Sensex, which has declined by 1.50% over the past week and 2.54% over the past month. While Chennai Ferrous has managed to gain 0.49% in the last week and 3.60% in the last month, it still faces challenges due to its long-term underperformance, particularly over the last three years, where it has generated negative returns. The falling investor participation, indicated by a significant drop in delivery volume, suggests caution among investors, despite the stock's recent gains. Overall, while the stock is rising in the short term, its long-term outlook remains uncertain amidst broader market trends.