Why is Mahamaya Steel falling/rising?

As of 24-Jul, Mahamaya Steel Industries Ltd is experiencing a price increase, with its current price at Rs 360.80, reflecting a rise of Rs 7.0 or 1.98%. The stock has shown a trend reversal, gaining after two consecutive days of decline. It is currently 3.1% away from its 52-week high of Rs 372. Despite high intraday volatility of 1199.24%, the stock remains above its 20-day, 50-day, 100-day, and 200-day moving averages, indicating a generally positive trend. The company has reported significant growth in net profit and net sales, with a remarkable 307.77% increase in net profit and a 597.9% growth in profit before tax compared to previous quarters, contributing to its strong performance.
In the broader market context, Mahamaya Steel's short-term performance has been relatively strong, with a 3.56% increase over the past month, compared to a slight gain of 0.16% in the Sensex during the same period. Over the last year, the stock has outperformed the benchmark significantly, with a return of 261.16% against the Sensex's 2.54%. This strong performance, combined with the company's positive financial results, suggests that investor sentiment remains favorable despite a recent decline in delivery volume, which has fallen by 44.42% against the 5-day average. Overall, the stock's upward movement can be attributed to its solid financial performance and resilience in the face of market fluctuations.