Why is J K Cements falling/rising?

As of 23-Sep, J K Cements Ltd is currently priced at 6,820.00, reflecting a decline of 33.5 points or 0.49%. The stock has been experiencing a downward trend, having fallen for the last two consecutive days, resulting in a total decrease of 0.73% during this period. Today, it opened with a loss of 2.14%, reaching an intraday low of Rs 6,706.5. Despite this recent decline, the stock has shown strong performance over the longer term, with a year-to-date increase of 48.40% and a remarkable 155.90% rise over the past three years. However, there has been a significant drop in investor participation, with delivery volume falling by 84.43% compared to the five-day average, which may indicate waning interest among retail investors.
In the broader market context, J K Cements has outperformed the Sensex in the past week, gaining 1.98% while the benchmark index declined by 0.34%. Despite the recent price drop, the company has demonstrated strong fundamentals, including substantial growth in profit before tax and profit after tax, alongside high institutional holdings at 40.62%. However, the stock's valuation appears expensive with a return on capital employed (ROCE) of 13.9 and a PEG ratio of 9.6, suggesting that while the stock has performed well historically, its current price may not be justified by its earnings growth. This combination of strong historical performance and current valuation concerns contributes to the stock's recent price movement.