Why is Elecon Engg.Co falling/rising?

As of 11-Sep, Elecon Engineering Company Ltd is experiencing a decline in its stock price, currently at Rs 591.50, which reflects a decrease of Rs 8.95 or 1.49%. Today's performance indicates that the stock underperformed its sector by 0.77%, with an intraday low of Rs 582.95, marking a drop of 2.91%. Despite a significant increase in delivery volume by 635.31% against the 5-day average, the stock remains higher than its 5-day, 20-day, 50-day, and 200-day moving averages but lower than the 100-day moving average. Over the past week, the stock has shown a return of +6.92%, while its year-to-date performance is down by 6.81%. The company boasts a high management efficiency with a return on equity (ROE) of 16.24% and a low debt-to-equity ratio of 0.05 times, indicating financial stability. However, the stock is considered expensive with a price-to-book value of 6.6, which may deter some investors.
In the broader market context, the Sensex has increased by 1.03% over the past week, contrasting with Elecon's performance. While the stock has outperformed the benchmark in the short term, its year-to-date return of -6.81% significantly lags behind the Sensex's gain of 4.36%. This underperformance, coupled with the stock's high valuation relative to its peers, may contribute to investor hesitation. Despite positive growth indicators such as a 43.36% increase in profit after tax and a 34.60% rise in net sales over the last six months, the stock's overall return of -3.95% over the past year suggests that investors are cautious, particularly given the high PEG ratio of 1.1, which indicates that the stock may not be a bargain despite its growth potential.