Why is Spice IslandsInd falling/rising?

As of 22-Jul, Spice Islands Industries Ltd is experiencing a rise in its stock price, currently at Rs 48.67, reflecting an increase of Rs 1.08 or 2.27%. The stock opened with a gain of 2.86% today and reached an intraday high of Rs 48.95. It has outperformed its sector by 2.7% today, and the delivery volume has significantly increased by 61.01% compared to the 5-day average, indicating rising investor participation. Despite a negative book value and weak long-term fundamentals, the company reported a substantial growth in PAT for the quarter, which has positively influenced investor sentiment. However, concerns remain regarding its high debt levels and negative EBITDA, which could pose risks to its long-term performance.
In the broader market context, Spice Islands Industries Ltd has shown a strong short-term performance, with a 1-week return of +8.66% compared to the Sensex, which has declined by 0.47%. This trend continues over the past month, where the stock has gained +8.59% while the benchmark has also fallen slightly by 0.27%. Year-to-date, the stock has outperformed the Sensex with a return of +16.07% against the benchmark's +5.18%. This relative strength in the stock's performance, despite some underlying financial concerns, suggests that investors are currently optimistic about its short-term prospects.