Why is Arihant Academy falling/rising?

As of 30-Sep, Arihant Academy Ltd's stock price is currently at 440.95, reflecting an increase of 5.95, or 1.37%. The stock has recently reached a new 52-week and all-time high of Rs. 441, indicating strong upward momentum. It has outperformed its sector by 1.92% today and is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past week, the stock has shown a remarkable return of 10.24%, and over the past month, it has increased by 17.59%. Despite this positive performance, there has been a notable decline in investor participation, with delivery volume dropping by 40% against the 5-day average. The company benefits from high management efficiency, a low debt-to-equity ratio, and impressive growth in net sales, which has contributed to its strong performance in the market.
Broader market context shows that while the stock has significantly outperformed the benchmark, the Sensex has experienced a decline of 2.22% over the past week. The stock's year-to-date return of 75.82% and a staggering 129.84% return over the past year contrast sharply with the broader market's negative performance, where the BSE500 has generated returns of -6.58%. This strong performance is supported by the company's healthy financial metrics, including a high return on equity and substantial profit growth, although concerns about its high valuation persist. Overall, the stock's rise can be attributed to its robust fundamentals and market-beating returns, despite some risks related to valuation and declining trading volume.