Why is Jindal Steel falling/rising?

As of 17-Jul, Jindal Steel & Power Ltd's stock price is rising, currently at 949.70, reflecting an increase of 17.3 or 1.86%. The stock has outperformed its sector today by 1.39%, reaching an intraday high of Rs 952.95. Over the past week, Jindal Steel has seen a modest gain of 0.74%, while its performance over the past month shows a more substantial increase of 6.47%. Despite a year-to-date return of only 2.05%, the company has demonstrated strong management efficiency with a high return on capital employed (ROCE) of 17.99% and a low debt to EBITDA ratio of 1.09 times. Additionally, rising promoter confidence, with a 1.03% increase in their stake, indicates a positive outlook for the company.
In the broader market context, Jindal Steel's recent performance contrasts with the Sensex, which has declined by 1.12% over the past week. While the stock has shown resilience in the short term, its year-over-year performance remains negative at -5.90%, compared to the Sensex's positive return of 1.91%. This divergence highlights the stock's potential for recovery, especially given its attractive valuation relative to peers and the rising investor participation reflected in increased delivery volumes. Overall, the combination of strong fundamentals and positive sentiment from promoters supports the stock's upward movement amidst a challenging market environment.