Why is Jindal Steel falling/rising?

As of 04-Sep, Jindal Steel Ltd is experiencing a price increase, currently at 1,031.70, reflecting a rise of 3.25 or 0.32%. The stock has shown strong performance recently, gaining 8.83% over the last four days and is currently trading close to its 52-week high, just 4.07% away from Rs 1,073.65. Additionally, Jindal Steel has outperformed its sector by 1.1% today and has consistently traded above its moving averages across various time frames. The company benefits from high management efficiency, a strong ability to service debt, and a favorable valuation compared to peers, which has contributed to its positive momentum. However, it is noteworthy that the company's profits have fallen by 25% over the past year, which could be a concern for some investors.
In the broader market context, Jindal Steel has outperformed the Sensex significantly, with a 1-week return of 6.80% compared to the benchmark's 0.80%. Over the past month, the stock has also shown a positive return of 5.22%, while the Sensex has declined by 0.37%. This strong performance relative to the benchmark indicates robust investor confidence in Jindal Steel, despite a slight decline in delivery volume, which fell by 9.91% against the 5-day average. The high institutional holdings at 27.85% suggest that knowledgeable investors are backing the stock, further supporting its upward trajectory in the current market environment.