Why is Ideaforge Tech falling/rising?

As of 17-Nov, Ideaforge Technology Ltd's stock price is currently at 503.00, reflecting an increase of 37.45 or 8.04%. The stock has shown strong performance today, outperforming its sector by 7.67% and has gained 8.89% over the last two days. It opened with a gain of 5.79% and reached an intraday high of Rs 522.35, which is a 12.2% increase. Despite these short-term gains, the company has reported negative results for the last five consecutive quarters, with significant operating losses and a weak ability to service its debt. However, the recent increase in promoter confidence, with a 4.26% increase in their stake, suggests a belief in the company's future potential, which may be contributing to the stock's upward movement.
In the broader market context, Ideaforge's short-term return of 9.34% over the past week significantly outpaces the Sensex's return of 1.69% during the same period. While the stock has shown positive momentum recently, it has underperformed the market over the longer term, with a year-to-date return of -17.41% compared to the Sensex's gain of 8.72%. This contrast highlights the stock's volatility and the challenges it faces, despite the recent positive sentiment from investors.