Why is IFCI falling/rising?

As of 23-Jun, IFCI Ltd. is experiencing a price increase, with its current price at Rs 61.75, reflecting a change of 1.82 (3.04%) upward. The stock has shown strong performance recently, gaining 7.35% over the last two days and outperforming its sector by 2.51%. Additionally, the stock's one-month return stands at +11.68%, indicating positive momentum despite a slight decline of -0.99% over the past week. Key financial indicators show a significant growth in profit before tax (PBT) at 233.3% compared to the previous four-quarter average, and a healthy growth in profit after tax (PAT) at 31.76%. However, the company faces challenges with a weak long-term fundamental strength, evidenced by a low return on equity (ROE) of 0.87% and declining net sales.
In the broader market context, while IFCI's recent performance has been strong, it has underperformed the benchmark Sensex in the year-to-date comparison, with IFCI down -0.77% against the Sensex's +4.81%. This suggests that while the stock is currently gaining, it may not be keeping pace with overall market trends. The stock's liquidity is adequate, with a delivery volume increase of 72.46% compared to the five-day average, indicating rising investor participation. However, the relatively low stake held by domestic mutual funds at 0.37% may reflect caution regarding the stock's valuation, which is considered expensive compared to peers, as indicated by a price-to-book value of 1.9.