Why is Indigo Paints falling/rising?

As of 15-Jul, Indigo Paints Ltd is experiencing a price increase, currently at 1,207.50, reflecting a rise of 8.65 or 0.72%. The stock has shown positive movement recently, outperforming its sector by 0.75% today and achieving consecutive gains over the last two days with a total return of 0.76%. In the past month, the stock has risen by 11.29%, while it has struggled year-to-date with a decline of 14.20%. The company demonstrates strong management efficiency with a high return on equity (ROE) of 15.04% and a low debt-to-equity ratio, which supports its valuation. Despite a year-over-year return of -18.94%, the stock is trading at a discount compared to its peers, indicating potential for recovery.
Broader market context shows that while Indigo Paints has had a positive short-term return of 11.29% over the past month, the benchmark Sensex has only increased by 1.79% during the same period. This suggests that Indigo Paints is gaining traction relative to the broader market. However, the stock's year-to-date performance remains concerning, as it has underperformed the Sensex, which has risen by 5.67%. The high institutional holdings at 29.15% may also indicate confidence from more knowledgeable investors, which could contribute to the stock's recent upward movement.