Why is Mahanagar Gas falling/rising?

As of 09-Jun, Mahanagar Gas Ltd. is experiencing a rise in its stock price, currently at 1,416.35, reflecting an increase of 85.35 or 6.41%. The stock has been gaining momentum over the past three days, with a total return of 9.16% during this period. Today, it opened with a gain of 2.31% and reached an intraday high of Rs 1421.4. The stock has outperformed its sector by 5.22%, and there has been a notable increase in investor participation, with delivery volume rising by 28.67% compared to the five-day average. While the stock has generated a modest return of 2.63% over the past year, it has faced challenges with a decline in profits of -18.9%. However, the company boasts a high return on equity (ROE) of 17.70% and a low debt-to-equity ratio, contributing to its attractive valuation.
In the broader market context, Mahanagar Gas has outperformed the benchmark Sensex in the short term, with a 1-week return of 7.42% compared to the Sensex's 1.32%. This positive performance is indicative of strong investor sentiment towards the stock, despite some underlying concerns regarding long-term growth and recent flat results. The stock is technically in a mildly bearish range, with several indicators suggesting caution. Nevertheless, the current upward movement can be attributed to its favorable valuation relative to peers and increased trading activity, which may signal a positive outlook among investors.