Why is Relaxo Footwear falling/rising?

As of 17-Sep, Relaxo Footwears Ltd is experiencing a price increase, currently at Rs 499.55, which reflects a rise of Rs 10.55 or 2.16%. The stock has shown positive momentum, gaining 3.91% over the last two days and outperforming its sector by 1.74% today. It opened with a gain of 2.24% and reached an intraday high of Rs 504.2. However, despite these short-term gains, the stock has underperformed in the longer term, with a year-to-date decline of 19.60% and a staggering 39.36% drop over the past year. The company has reported negative results for the last five consecutive quarters, with a low return on capital employed (ROCE) and declining net sales, which contribute to a perception of poor long-term growth potential.
In the broader market context, while Relaxo Footwear has seen a 1.09% increase over the past week, the benchmark Sensex has performed slightly better with a 1.56% rise. The stock's long-term performance has been concerning, with a significant underperformance against the benchmark over the last three years, and a decrease in institutional investor participation, which may indicate a lack of confidence in the company's future prospects. The company's high valuation relative to its peers, coupled with declining profits, further complicates its market position, suggesting that while there may be short-term gains, the overall outlook remains challenging.