Why is Arihant Academy falling/rising?

As of 26-Aug, Arihant Academy Ltd is experiencing a price increase, currently at Rs. 384.20, reflecting a change of 4.2 (1.11%) upwards. The stock has recently hit a new 52-week and all-time high of Rs. 388, indicating strong performance. Over the past week, the stock has outperformed the benchmark Sensex, with a return of +6.75% compared to the Sensex's -1.08%. Additionally, the stock has shown impressive long-term growth, with a year-to-date return of +53.19% and a one-year return of +108.75%. The company's low debt-to-equity ratio and significant growth in net sales and profit after tax in the latest quarter contribute positively to investor sentiment.
In the broader market context, while the BSE500 has generated negative returns of -3.87% over the past year, Arihant Academy's performance stands out significantly, showcasing its ability to thrive despite market challenges. However, there are concerns regarding falling investor participation, as indicated by a decrease in delivery volume. Despite this, the stock's liquidity remains adequate for trading. The company's high valuation, reflected in its price-to-book ratio, may pose risks, but the strong growth metrics and market-beating performance suggest that investors are currently favoring the stock.