Why is Jindal Steel falling/rising?

As of 18-Jul, Jindal Steel & Power Ltd is experiencing a price increase, currently at 957.75, which reflects a rise of 8.05 or 0.85%. The stock has shown strong performance recently, outperforming its sector by 0.53% today and achieving a consecutive gain over the last two days with a total return of 2.72%. Additionally, Jindal Steel has demonstrated positive returns over the past week and month, with increases of 2.18% and 7.21%, respectively. The stock is trading above its moving averages across various time frames, indicating bullish momentum. Furthermore, the rising promoter confidence, as evidenced by a 1.03% increase in their stake, suggests strong belief in the company's future prospects, despite a decline in profits over the past year.
In the broader market context, Jindal Steel's short-term performance has significantly outpaced the benchmark Sensex, which has declined by 0.90% over the past week. While the stock has generated a negative return of -3.25% over the past year, its long-term performance remains robust, with a remarkable 172.40% increase over three years. The company’s strong management efficiency, indicated by a high return on capital employed (ROCE) and a low debt to EBITDA ratio, further supports its valuation compared to peers. Despite a slight decline in investor participation, the stock's liquidity remains adequate for trading, contributing to its upward price movement.