Why is Kitex Garments falling/rising?

As of 19-Sep, Kitex Garments Ltd is experiencing a price increase, currently at 221.80, reflecting a rise of 3.9 or 1.79%. The stock has shown strong performance recently, gaining 14.57% over the last four days and outperforming its sector by 1.59% today. In terms of returns, Kitex has delivered a remarkable 45.37% over the past year, significantly higher than the negative return of -0.67% from the Sensex. However, despite this impressive short-term performance, the company faces challenges such as a modest long-term growth rate in net sales and operating profit, which have grown at annual rates of 7.68% and 12.92%, respectively. Additionally, the company's valuation appears expensive with a ROCE of 9 and a high enterprise value to capital employed ratio of 2.6.
Broader market context indicates that while Kitex Garments has outperformed the broader market, which has generated negative returns of -1.96% over the past year, the stock's recent gains may also be influenced by rising investor participation, as evidenced by a significant increase in delivery volume. The stock is currently trading above its short-term moving averages, suggesting positive momentum. However, the lack of domestic mutual fund investment, which stands at 0%, may indicate some hesitance among institutional investors regarding the stock's valuation or business prospects. Overall, while Kitex Garments is rising in price, underlying concerns about long-term growth and valuation persist.