Why is Visa Steel falling/rising?

As of 12-Aug, Visa Steel Ltd's stock price is currently at Rs 34.85, reflecting an increase of Rs 1.55 or 4.65%. Today's price summary indicates that the stock has outperformed its sector by 4.32% and has experienced a trend reversal after two consecutive days of decline. Despite opening with a loss of 4.95%, it reached an intraday high of Rs 34.96, demonstrating significant volatility with a wide trading range of Rs 3.31. Over the past year, the stock has delivered impressive returns of 69.26%, significantly outperforming the benchmark Sensex, which only rose by 0.74%. However, the company's long-term fundamentals are concerning, with a negative book value and weak growth metrics, including a decline in net sales and operating profit stagnation.
In the broader market context, Visa Steel's short-term performance has been relatively strong, as it has gained 0.23% over the past week while the Sensex has declined by 0.59%. This indicates that the stock is currently bucking the trend of the broader market. However, the company's high debt levels and the fact that 72.79% of promoter shares are pledged could pose risks, especially in a falling market, potentially exerting downward pressure on the stock price. Overall, while the stock has shown resilience in the short term, the underlying financial challenges may create headwinds for sustained growth.