Why is Narmada Agrobase falling/rising?

As of 04-Sep, Narmada Agrobase Ltd is currently priced at 23.00, reflecting a decrease of 0.1, or 0.43%. The stock has recently outperformed its sector by 2.47%, although it has experienced a trend reversal after three consecutive days of gains. It is noteworthy that Narmada Agrobase is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Despite a year-to-date return of 8.18%, the stock has seen a slight decline of 0.86% over the past year. Positive factors contributing to the stock's performance include a significant annual growth rate of 46.58% in operating profit and consistent positive results over the last six quarters, with net sales increasing by 25.42%. Additionally, rising promoter confidence, evidenced by a 1.19% increase in their stake, suggests optimism about the company's future.
In the broader market context, Narmada Agrobase has outperformed the Sensex over the past week and month, with returns of 6.98% and 8.95%, respectively, compared to the benchmark's 0.80% and -0.37%. However, the agriculture sector has faced a decline of 2.48%, which may be impacting investor sentiment. While the stock's valuation appears expensive with a return on capital employed (ROCE) of 17 and a high enterprise value to capital employed ratio, it is trading at a discount compared to its peers' historical valuations. This mixed outlook, combined with the stock's recent performance and broader sector challenges, contributes to its current price movement.