Why is Piramal Enterp. falling/rising?

As of 02-Jul, Piramal Enterprises Ltd is experiencing a decline in its stock price, currently at Rs 1,159.25, which reflects a decrease of Rs 8.55 or 0.73%. Despite this drop, the stock has shown a positive performance over the past week and month, with returns of 2.87% and 2.90%, respectively. However, today's trading has seen the stock touch an intraday low of Rs 1,141, indicating a 2.29% decline at its lowest point. The stock is trading above its moving averages across various time frames, suggesting a generally upward trend in the longer term. Additionally, the company reported a significant growth in profit after tax for the quarter, with a 136% increase compared to the previous four-quarter average, and it holds a substantial cash reserve of Rs 6,275.89 crore. However, a notable decline in investor participation, with delivery volume down by 21.7% against the five-day average, may be contributing to the current price drop.
In the broader market context, while Piramal Enterprises has outperformed the sector by 0.5% today, its year-to-date return of 4.81% lags behind the benchmark Sensex's return of 6.75%. Over the past year, the stock has generated a return of 27.99%, significantly higher than the market's average return of 5.00%. This strong performance has been supported by high institutional holdings at 30.46%, indicating confidence from larger investors who typically have more resources to analyze company fundamentals. Despite the recent price decline, the overall market-beating performance and solid financial metrics suggest that the stock remains a hold for investors, although the recent drop in trading volume may be a concern for short-term traders.