Why is Lumax Industries falling/rising?

As of 15-Jul, Lumax Industries Ltd is experiencing a price increase, currently at 3,576.50, with a change of 23.05, representing a rise of 0.65%. Despite a recent underperformance against its sector by 1.01%, the stock has shown positive momentum by gaining for the last two days, resulting in a total return of 1.83% during this period. Over the past month, Lumax Industries has outperformed the benchmark with a return of 13.73% compared to the Sensex's 1.79%. The company's strong quarterly results, including record net sales and profit before tax, along with a favorable PEG ratio of 0.9, suggest a solid valuation relative to its peers. Additionally, an increase in institutional investor participation, which now holds 6.6% of the company, indicates growing confidence in its fundamentals.
In the broader market context, while Lumax Industries has underperformed in the short term, its long-term performance remains robust, with a 51.55% year-to-date return compared to the Sensex's 5.67%. This significant outperformance over various periods, including a 146.99% return over three years, highlights the stock's resilience and attractiveness to investors. The stock's liquidity remains adequate for trading, although there has been a notable decline in delivery volume, which may raise concerns about investor engagement. Overall, the combination of strong financial results, institutional interest, and historical performance contributes to the stock's upward movement despite some short-term challenges.