Why is Spectrum Electr. falling/rising?

As of 11-Sep, Spectrum Electrical Industries Ltd is experiencing a price increase, currently at Rs 1,381.15, which reflects a rise of Rs 31.05 or 2.3%. Today's price summary indicates that the stock has outperformed its sector by 0.77% and has gained after three consecutive days of decline, opening with a gain of 2.96%. The stock reached an intraday high of Rs 1,390, although it is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Despite a healthy long-term growth rate in operating profit of 34.79%, the company faces challenges with net sales falling by 23.4% and a significant drop in profit before tax, which has contributed to a perception of it being a strong sell.
In the broader market context, the stock has underperformed compared to the Sensex over the past week and month, with returns of -3.82% and -5.37%, respectively, while the Sensex has gained 1.03% and 1.17%. This disparity suggests that while the stock is experiencing a short-term rebound, its overall performance remains weak relative to the market. The low domestic mutual fund ownership may indicate a lack of confidence in the stock's valuation, which is considered expensive given its return on capital employed and high PEG ratio. Thus, while there is a short-term uptick in price, the underlying fundamentals and market sentiment present a mixed outlook for Spectrum Electrical Industries Ltd.