Why is Relaxo Footwear falling/rising?

As of 17-Jul, Relaxo Footwears Ltd is experiencing a price increase, currently trading at Rs 513.20, which reflects a rise of Rs 18.0 or 3.63%. The stock has shown positive momentum, gaining for three consecutive days with a total return of 4.68% during this period. Despite this recent uptick, the stock has underperformed in the longer term, with a year-to-date decline of 17.40% and a significant drop of 38.54% over the past year. Additionally, the stock's delivery volume has decreased sharply, indicating falling investor participation, which may raise concerns about the sustainability of the recent price increase. The company has a low debt-to-equity ratio, but it has reported negative results for the last four consecutive quarters, contributing to a perception of poor long-term growth.
In the broader market context, Relaxo Footwears has outperformed the sector today by 2.67%, while the benchmark Sensex has seen a decline of 1.12% over the past week. However, the stock's performance over the last three years has been consistently poor, with returns of -47.90%, contrasting sharply with the Sensex's gain of 53.01% during the same period. This persistent underperformance against the benchmark, coupled with a high price-to-book value ratio and declining profits, suggests that while there may be short-term gains, the long-term outlook remains challenging for Relaxo Footwears Ltd.