Why is Raj Oil Mills falling/rising?

As of 01-Sep, Raj Oil Mills Ltd's stock price is currently at Rs 47.00, reflecting an increase of Rs 1.9 or 4.21%. Today's performance indicates a trend reversal, as the stock has gained after two consecutive days of decline, opening with a gain of 4.21%. The stock reached an intraday high of Rs 47 and has traded within a narrow range of Rs 0.1. Despite this positive movement today, the stock has shown a negative performance over the past month, with a decline of 6.49%, and has underperformed the benchmark Sensex, which has only decreased by 0.29% during the same period. Additionally, the company has reported strong quarterly results, including a 7.63% growth in net profit and the highest net sales recorded at Rs 33.60 crore, which may have contributed to the recent uptick in stock price.
In the broader market context, Raj Oil Mills has struggled significantly over the longer term, with a year-to-date decline of 9.62% compared to the Sensex's gain of 2.85%. The stock has consistently underperformed against the benchmark over the past three years, generating a return of -21.80% while the Sensex has increased by 36.75%. The company's weak long-term fundamentals, highlighted by a negative book value and high debt levels, pose risks that may overshadow today's positive price movement. While the recent increase in investor participation and favorable quarterly results provide some support, the overall outlook remains cautious due to the stock's historical underperformance and fundamental weaknesses.