Why is Indigo Paints falling/rising?

As of 10-Nov, Indigo Paints Ltd is experiencing a significant rise in its stock price, currently at 1,156.00, reflecting an increase of 151.3 or 15.06%. The stock has outperformed its sector today by 13.87% and has shown a consecutive gain over the last two days, with a total return of 16.77% during this period. Additionally, the stock has traded at an intraday high of Rs 1179.85, indicating strong investor interest. Despite a challenging year with a return of -24.57%, the company has reported a 3% increase in profits, and its low debt-to-equity ratio and attractive valuation compared to peers may be contributing to the positive sentiment among investors.
In the broader market context, Indigo Paints has outperformed the Sensex over the past week, gaining 15.09% while the benchmark has declined by 0.53%. However, the stock's long-term performance remains a concern, as it has underperformed against the benchmark over the last three years, with a YTD return of -17.86% compared to the Sensex's 6.91% gain. The high institutional holdings at 31.48% suggest that knowledgeable investors are backing the stock, which may provide some stability despite its historical underperformance. Overall, the recent price increase appears to be driven by short-term positive momentum and investor participation, even as long-term growth prospects remain uncertain.