Why is Sigachi Indust. falling/rising?

As of 19-Sep, Sigachi Industries Ltd is currently priced at 44.19, reflecting an increase of 0.91 or 2.1%. The stock has shown a positive performance today, outperforming its sector by 1.83%. It is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bullish trend. Over the past week, the stock has risen by 3.03%, and in the last month, it has surged by 41.54%. However, there are concerns regarding falling investor participation, as the delivery volume has decreased significantly by 75.7% compared to the 5-day average. Additionally, while the company has a low debt-to-equity ratio of 0.07, it has faced challenges with flat results in its latest quarter, including a decline in profit before tax and a low earnings per share of -2.63. The stock's performance over the past year has been disappointing, with a return of -19.21%, despite a 29.6% increase in profits.
In the broader market context, the stock has underperformed compared to the benchmark, as the BSE500 index has only fallen by 1.96% over the past year. This stark contrast highlights the stock's struggles, particularly given the high percentage of pledged promoter shares at 45.37%, which can exert additional downward pressure in a declining market. While the stock has shown positive short-term returns, the overall sentiment remains cautious due to its expensive valuation and underperformance relative to peers. The combination of these factors contributes to the stock's recent upward movement, but the underlying issues may limit its potential for sustained growth.