Why is ION Exchange falling/rising?

As of 11-Sep, Ion Exchange (India) Ltd's stock is currently priced at Rs 417.55, reflecting an increase of Rs 2.55 or 0.61%. The stock has shown a positive performance today, outperforming its sector by 1.33% and gaining for the last two consecutive days, with a total return of 1.68% during this period. It opened with a gain of 2.41% and reached an intraday high of Rs 425. However, despite this recent uptick, the stock has underperformed over the longer term, with a year-to-date decline of 36.25% and a one-year return of -37.12%. The company has a high return on equity (ROE) of 22.67% and a low debt-to-equity ratio, indicating strong management efficiency and attractive valuation compared to peers. Nevertheless, concerns about poor long-term growth and negative results in the last half-year may be weighing on investor sentiment.
In the broader market context, the stock's short-term return of +0.17% over the past week is significantly lower than the benchmark Sensex, which has increased by 1.03% during the same period. This disparity highlights the stock's struggle to keep pace with the overall market, despite its recent gains. The broader market has shown resilience with a year-to-date return of +4.36%, contrasting sharply with Ion Exchange's substantial declines. This underperformance against the market, coupled with the company's mixed financial indicators, suggests that while there may be short-term gains, the long-term outlook remains challenging for Ion Exchange (India) Ltd.