Why is Essar Shipping falling/rising?

As of 29-Jul, Essar Shipping Ltd's stock price is currently at 27.95, reflecting an increase of 0.35, or 1.27%. The stock has experienced a trend reversal, gaining after four consecutive days of decline. However, it is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a generally weak performance. Despite the recent positive quarterly results, including a significant growth in profit after tax, the company faces challenges such as a negative book value and a high debt-to-EBITDA ratio, which contribute to its weak long-term fundamental strength. Additionally, the falling investor participation, with a notable drop in delivery volume, suggests a lack of confidence among investors.
In the broader market context, Essar Shipping has underperformed significantly compared to the benchmark, with a one-year return of -50.62% against the BSE500's -2.26%. Over the past week and month, the stock has also declined by 4.96% and 5.45%, respectively, while the Sensex has seen a much smaller decline of 1.03% and 3.24%. This stark contrast indicates that while the overall market has faced challenges, Essar Shipping's struggles have been more pronounced, leading to a cautious outlook from investors, as reflected in the low stake held by domestic mutual funds.