Why is Parag Milk Foods falling/rising?

As of 16-Sep, Parag Milk Foods Ltd is experiencing a decline in its stock price, currently at Rs 291.80, which reflects a decrease of Rs 6.25 or 2.1%. Today's performance indicates that the stock has underperformed its sector by 1.72% and has fallen after four consecutive days of gains, touching an intraday low of Rs 288.05. Despite this decline, the stock has shown strong performance over the past week, month, and year, with returns of 11.25%, 37.41%, and 57.73%, respectively. The company has a very attractive valuation with a return on capital employed (ROCE) of 11.8 and a PEG ratio of 1.3, indicating that it is trading at a discount compared to its peers. Additionally, institutional investors have increased their stake, reflecting growing confidence in the company's fundamentals.
Broader market context shows that while Parag Milk Foods has outperformed the Sensex significantly over various periods, the stock's recent decline contrasts with its strong long-term performance. The stock's year-to-date return of 55.01% and a three-year return of 139.67% highlight its market-beating performance. However, the current dip may be influenced by profit-taking after a strong rally and increased selling pressure, as indicated by the higher volume traded closer to the day's low price. Overall, while the stock has shown resilience and strong returns, the recent price movement suggests a temporary correction in the context of its recent gains.