Why is Manorama Indust. falling/rising?

As of 18-Jul, Manorama Industries Ltd's stock price is currently at Rs 1,555.00, reflecting a decrease of Rs 32.95, or 2.08%. The stock has been underperforming recently, having fallen for three consecutive days, resulting in a total decline of 3.3%. Despite this short-term downturn, the stock has shown strong performance over the longer term, with a 139.90% increase over the past year and a remarkable 598.88% rise over the last three years. However, today's performance indicates a significant drop, as it underperformed its sector by 2.15% and saw a notable decrease in investor participation, with delivery volume falling by 69.95% compared to the five-day average.
In the broader market context, while Manorama Industries Ltd has outperformed the Sensex over various periods, including a 6.83% increase over the past week compared to the benchmark's decline of 0.90%, the recent price drop may reflect profit-taking or market corrections after substantial gains. The stock's valuation appears expensive with a ROCE of 19.9, and while institutional investors have increased their stake, indicating confidence in the company's fundamentals, the recent decline in delivery volumes suggests a potential decrease in retail investor interest. Overall, the combination of strong long-term growth prospects and recent price pressures contributes to the current stock movement.