Why is Arihant Academy falling/rising?

As of 01-Sep, Arihant Academy Ltd's stock price is rising, currently at Rs. 387.50, reflecting an increase of Rs. 12.5 or 3.33%. The stock has recently hit a new 52-week and all-time high of Rs. 390, outperforming its sector by 2.49%. Over the past week, the stock has gained 1.97%, and it has shown impressive performance over the past month with a 16.37% increase. Additionally, the company has demonstrated strong financial health, with a high return on equity (ROE) of 19.01% and a low debt-to-equity ratio, contributing to a healthy long-term growth outlook as net sales have grown at an annual rate of 30.30%. However, there has been a notable decline in investor participation, with delivery volume falling by 62.96% against the 5-day average.
Broader market context indicates that while the stock has significantly outperformed the broader market, which has seen negative returns of -2.42% over the past year, Arihant Academy has achieved a remarkable 104.43% return in the same period. This strong performance contrasts sharply with the benchmark, the Sensex, which has only increased by 4.15% year-to-date. The stock's ability to generate substantial returns despite a challenging market environment highlights its resilience and attractiveness to investors, further supporting its upward price movement.