Why is Thermax falling/rising?

As of 02-Sep, Thermax Ltd. is experiencing a rise in its stock price, currently at Rs 3,276.50, reflecting an increase of Rs 65.5 or 2.04%. The stock has shown a positive trend recently, gaining for three consecutive days with a total return of 2.79% during this period. Despite this short-term gain, the stock has underperformed over the longer term, with a decline of 24.87% over the past year and 19.53% year-to-date. The company has a low debt-to-equity ratio and healthy long-term growth in operating profit, which may contribute positively to investor sentiment. However, the stock's performance has been hindered by flat results in the last quarter and a relatively high price-to-book value, indicating an expensive valuation compared to its peers.
In the broader market context, Thermax's recent performance contrasts with the Sensex, which has seen a decline of 0.78% over the past week. While Thermax has outperformed its sector by 0.47% today, its longer-term returns are concerning, particularly with a 13.25% drop over the past month compared to a slight decline in the benchmark. The stock's liquidity remains adequate, but a significant drop in delivery volume suggests a decrease in investor participation, which could impact future price movements. Overall, while the recent uptick in price may reflect short-term optimism, the underlying long-term challenges and market conditions present a mixed outlook for Thermax.