Why is Mena Mani Inds. falling/rising?

As of 29-Jul, Mena Mani Industries Ltd's stock price is currently at Rs 8.67, reflecting an increase of Rs 0.18 or 2.12%. The stock has shown strong performance recently, gaining 7.43% over the last two days and outperforming its sector by 1.66%. It is also trading above its moving averages across various time frames, indicating positive momentum. Additionally, the company has reported positive results for the last four consecutive quarters, with net sales and profit after tax showing improvement. However, the stock carries a negative book value and has been identified as risky due to its weak long-term fundamental strength, which could temper investor enthusiasm.
In the broader market context, Mena Mani Industries Ltd has outperformed the Sensex over the past week and month, with returns of +2.48% and +28.83%, respectively, while the Sensex has declined by -1.03% and -3.24%. This indicates that the stock is gaining traction despite a generally unfavorable market environment. The increasing participation from institutional investors, who have raised their stake in the company, suggests a growing confidence in its potential, even as the stock's long-term growth prospects remain uncertain due to its negative book value and declining profits over the past year.