Why is Thermax falling/rising?

As of 21-Jul, Thermax Ltd. is experiencing a slight decline in its stock price, currently at 3,892.50, which reflects a decrease of 8.4 or 0.22%. The stock has shown a trend reversal, falling after four consecutive days of gains. In the past week, it has outperformed the benchmark Sensex with a return of 13.12% compared to a negligible change of -0.06%. However, the stock's year-to-date performance remains negative at -4.40%, and it has underperformed significantly over the past year with a decline of 21.66%. The stock's delivery volume has also decreased by 45.67% against the five-day average, indicating falling investor participation. While the company has a healthy long-term growth rate in operating profit and a low debt-to-equity ratio, its recent flat results and high valuation metrics, such as a Price to Book Value of 9.4, may be contributing to the current price movement.
In the broader market context, Thermax's recent performance contrasts with the Sensex, which has generated a positive return of 5.20% year-to-date. Despite the stock's strong performance over the last three and five years, it has struggled to keep pace with the market recently, particularly over the past year. The stock's high institutional holdings indicate that knowledgeable investors are involved, yet the significant underperformance relative to the market suggests that broader market conditions may not favor the stock at this time. Overall, while Thermax has shown potential for long-term growth, its recent price decline can be attributed to a combination of declining investor interest, high valuation concerns, and a lack of strong short-term performance relative to the benchmark.