Why is Thermax falling/rising?

As of 28-Aug, Thermax Ltd. is experiencing a decline in its stock price, currently at Rs 3,187.50, which represents a decrease of Rs 74.1 or 2.27%. The stock has been underperforming, having fallen consecutively for the last two days with a total drop of 2.91%. In terms of performance, it has underperformed its sector by 1.13% today, and its recent returns show a significant decline of 14.17% over the past month and 28.35% over the past year. While the stock touched an intraday high of Rs 3,378.95, it also reached a low of Rs 3,170.90, indicating volatility. The stock is trading below all major moving averages, which suggests a bearish trend. Despite a low debt-to-equity ratio and healthy long-term growth in operating profit, the company has faced challenges, including flat results and low net sales in recent quarters, which may contribute to investor concerns.
In the broader market context, Thermax's short-term performance has been relatively better than the benchmark Sensex, which has declined by 2.34% over the past week. However, the stock's year-to-date performance shows a stark contrast, with a decline of 21.72% compared to the Sensex's gain of 2.48%. This underperformance over various time frames, coupled with a high price-to-book value and a low return on equity, indicates that investors may be cautious about the stock's valuation and future prospects. The significant rise in delivery volume suggests increased investor participation, but the overall sentiment remains negative due to the company's recent financial results and long-term underperformance relative to its peers.