Why is Thermax falling/rising?

As of 18-Sep, Thermax Ltd. is experiencing a price increase, with its current price at Rs 3,330.00, reflecting a rise of Rs 24.0 or 0.73%. Today's performance indicates that the stock has outperformed its sector by 0.5%, reaching an intraday high of Rs 3,381.95, which is a 2.3% increase. While the stock has shown a positive return of 1.38% over the past month, it has underperformed significantly over the longer term, with a year-to-date decline of 18.22% and a one-year drop of 35.90%. The company benefits from a low debt-to-equity ratio and strong institutional holdings, which suggest confidence among larger investors. However, recent flat results and a high price-to-book value indicate potential overvaluation concerns, contributing to the stock's volatility.
In the broader market context, Thermax's short-term performance has lagged behind the benchmark Sensex, which has gained 1.80% over the past week and 2.14% over the past month. The stock's longer-term performance is also concerning, as it has underperformed the BSE500 index over the last three years, one year, and three months. Despite the healthy growth in operating profit and rising investor participation, the overall sentiment remains cautious due to the stock's significant declines in the past year and underwhelming financial metrics, which may lead investors to weigh the risks before making further commitments.