Why is Gokaldas Exports falling/rising?

As of 14-Aug, Gokaldas Exports Ltd is currently priced at Rs 712.45, reflecting an increase of 1.75 (0.25%). The stock has been gaining for the last three days, with a total return of 2.51% during this period. However, it is important to note that the stock is still 4.55% away from its 52-week low and has underperformed significantly over the past month, with a decline of 23.02%. Despite positive financial results in recent quarters, including a 28.87% growth in net sales and a 52.6% increase in profit after tax, the stock is considered expensive with a high price-to-book value and a low return on equity of 6.7. Additionally, a concerning factor is that 96.28% of promoter shares are pledged, which can exert downward pressure on the stock price in a falling market.
In the broader market context, Gokaldas Exports has underperformed the benchmark, with a one-year return of -18.21% compared to the BSE500's negative return of -0.57%. While the stock has outperformed its sector by 1.18% today, the overall trend shows a significant decline over the past year and month. The stock's recent gains may be attributed to short-term trading activity, but the falling investor participation, as indicated by a 45.73% drop in delivery volume, suggests a lack of confidence among investors. This combination of factors indicates that while there may be some short-term upward movement, the long-term outlook remains challenging for Gokaldas Exports.