Why is Max Estates falling/rising?

As of 11-Aug, Max Estates Ltd is experiencing a price increase, currently at 452.25, reflecting a rise of 6.6 or 1.48%. Today's price summary indicates that the stock opened with a significant gain of 7.71%, reaching an intraday high of Rs 480. However, the stock has shown high volatility with an intraday fluctuation of 6.08%. Despite this positive movement today, the stock has underperformed in the longer term, with a 1-month return of -11.39% and a year-to-date decline of -20.37%. The company has reported positive results over the last three quarters, with a notable increase in net sales and a low debt-to-equity ratio, which may have contributed to the recent uptick in price. However, concerns about poor long-term growth and high valuation metrics, such as a low return on equity and a high price-to-book ratio, continue to weigh on investor sentiment.
In the broader market context, the stock's recent performance contrasts with the benchmark, as it has underperformed the Sensex over the past week and month, with returns of -2.16% and -11.39%, respectively, compared to the Sensex's -0.51% and -2.30%. This consistent underperformance against the benchmark, coupled with falling investor participation and trading below key moving averages, suggests that while there may be short-term gains, the overall outlook remains cautious. The high institutional holdings indicate some confidence in the company's fundamentals, but the long-term growth concerns and recent volatility may lead to a mixed sentiment among investors.