Why is Jayaswal Neco falling/rising?

As of 02-Sep, Jayaswal Neco Industries Ltd's stock price is currently at Rs 59.04, reflecting an increase of Rs 1.25, or 2.16%. The stock has shown positive momentum, gaining for the last two days with a total return of 2.22% during this period. It outperformed its sector by 1.47% today and reached an intraday high of Rs 61.6, marking a rise of 6.59%. Over the past week, the stock has increased by 0.41%, while its performance over the last month shows a significant gain of 20.88%. The company has reported strong financial results, with operating profit growth of 88.46% and a remarkable increase in profit after tax (PAT) of 326.20% over the last nine months. However, a concerning factor is that 99.87% of promoter shares are pledged, which could exert downward pressure in a falling market.
Broader market context indicates that while Jayaswal Neco has been performing well, the benchmark Sensex has declined by 0.78% over the past week. This divergence highlights the stock's resilience and strong fundamentals, as it has consistently outperformed the broader market, generating a return of 51.38% year-to-date compared to the Sensex's 2.58%. Despite the positive performance, the recent drop in delivery volume by 25.9% against the five-day average raises concerns about investor participation, which could impact future price movements. Overall, the stock's strong growth metrics and attractive valuation contribute to its rising price, despite the risks associated with pledged shares.