Why is Kennametal India falling/rising?

As of 19-Sep, Kennametal India Ltd's stock price is currently at Rs 2,130.00, reflecting an increase of Rs 30.55, or 1.46%. The stock has shown a trend reversal, gaining after eight consecutive days of decline, and it outperformed its sector by 2.15% today. Despite this positive movement, the stock is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past year, Kennametal India has experienced a significant decline of 31.22%, despite a modest profit increase of 1.7%, indicating a challenging performance relative to its historical valuations and peers. The company maintains a low debt-to-equity ratio and has shown healthy long-term growth in operating profit, which could support future price stability.
In the broader market context, the stock's recent performance contrasts with the benchmark, as it has underperformed against the Sensex over various periods, including a 1-week decline of 1.69% compared to a 0.88% gain in the index. The stock's year-to-date performance is particularly concerning, with a drop of 28.20% against a 5.74% increase in the benchmark. This consistent underperformance over the last three years, coupled with a high price-to-book value ratio and a very expensive valuation relative to its return on equity, suggests that while there may be short-term gains, the long-term outlook remains uncertain and could be a factor in investor sentiment.