Why is Essar Shipping falling/rising?

As of 28-Aug, Essar Shipping Ltd's stock price is currently at 23.93, reflecting an increase of 0.23 or 0.97%. The stock has shown a trend reversal by gaining after two consecutive days of decline and has outperformed its sector by 1.48%. However, it is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a generally weak performance over the short term. Despite a significant year-to-date decline of 32.23% and a one-year drop of 49.09%, the company has reported positive results for the last four consecutive quarters, with a notable growth in profit after tax (PAT) of 152.14%. Nonetheless, the company faces challenges with a negative book value and a high debt-to-EBITDA ratio of 9.32 times, which raises concerns about its long-term fundamental strength.
In the broader market context, Essar Shipping's recent performance contrasts sharply with the benchmark, as it has underperformed significantly over the last year, with a return of -49.09% compared to the BSE500's negative return of -5.01%. This stark difference highlights the stock's struggles relative to the overall market. While there has been a rise in investor participation, as evidenced by a 91.83% increase in delivery volume, the overall sentiment remains cautious due to the company's weak ability to service its debt and the risks associated with its negative EBITDA. The combination of these factors suggests that while there may be short-term gains, the long-term outlook for Essar Shipping remains precarious.