Why is Jindal Steel falling/rising?

As of 02-Jul, Jindal Steel & Power Ltd is experiencing a price increase, currently at Rs 971.50, reflecting a rise of 21.05 or 2.21%. The stock has shown strong performance today, outperforming its sector by 0.8% and achieving a consecutive gain over the last three days with a total return of 3.43%. It has also touched an intraday high of Rs 979.65. In terms of returns, the stock has increased by 5.43% over the past week and 3.25% over the past month, although it has a year-to-date return of 4.39%. Despite a negative return of -7.02% over the past year, the company exhibits high management efficiency with a return on capital employed (ROCE) of 17.99% and a low debt to EBITDA ratio of 1.09 times, indicating strong financial health. Additionally, rising promoter confidence, with a 1.03% increase in their stake, suggests optimism about the company's future.
In the broader market context, Jindal Steel's recent performance has significantly outpaced the benchmark Sensex, which has only increased by 0.79% over the past week and 2.50% over the past month. While the stock's year-to-date performance is lower than the Sensex's 6.75% increase, its strong short-term gains indicate a positive sentiment among investors. However, it is important to note that there has been a decline in investor participation, with delivery volume falling by 57.56% against the five-day average, which could be a concern for sustained momentum. Overall, the combination of strong management metrics and rising promoter confidence appears to be driving the stock's recent upward movement despite some underlying challenges.