Why is Protean eGov falling/rising?

As of 10-Jul, Protean eGov Technologies Ltd is experiencing a price increase, currently at Rs. 829.30, which reflects a rise of 13.2 or 1.62%. Today's price summary indicates that the stock has outperformed its sector by 2.25% and has gained after three consecutive days of decline, reaching an intraday high of Rs. 843.45. However, the stock has also hit a new 52-week low of Rs. 807.3 today. Despite this short-term gain, the stock has shown poor long-term performance, with a year-to-date decline of 57.15% and a one-year return of -44.43%. The company's low debt-to-equity ratio and high institutional holdings at 38.7% suggest some investor confidence, yet the negative factors, including a significant drop in operating profit and a high price-to-book value, indicate underlying weaknesses that may be affecting investor sentiment.
In the broader market context, the stock's short-term performance contrasts with the benchmark, as it has declined by 1.78% over the past week while the Sensex has remained relatively flat with a decrease of only 0.06%. This underperformance in the longer term, coupled with the recent gains, highlights the volatility and uncertainty surrounding Protean eGov. The stock's poor long-term growth, evidenced by a -14.79% annual rate of operating profit decline over the last five years, further complicates its outlook. Overall, while there is a temporary rise in price, the broader context suggests that investors remain cautious due to the company's ongoing financial challenges.