Why is Kennametal India falling/rising?

As of 14-Aug, Kennametal India Ltd is experiencing a slight decline in its stock price, currently at Rs 2,178.15, reflecting a decrease of 1.85 points or 0.08%. The stock has shown a trend reversal after two consecutive days of gains, with today's performance outperforming its sector by 0.5%. Despite touching an intraday high of Rs 2,244, the stock's weighted average price indicates that more volume was traded closer to its low price. Over the past week, the stock has gained 4.77%, contrasting with a 0.03% decline in the Sensex, but it has underperformed significantly over longer periods, with a year-to-date return of -26.58% compared to a 3.15% gain in the benchmark. The company maintains a low debt-to-equity ratio and strong long-term fundamentals, but its valuation appears expensive relative to its return on equity and price-to-book value.
In the broader market context, while Kennametal India has outperformed the sector in the short term, it has consistently underperformed against the benchmark over the past three years, generating negative returns in each of the last three annual periods. The stock's recent performance is concerning, especially given its substantial decline of -29.26% over the past year, despite a modest profit increase of 1.7%. This underperformance, combined with a high PEG ratio of 36.6, suggests that investors may be cautious, leading to the current price decline.