Why is Arihant Academy falling/rising?

As of 15-Oct, Arihant Academy Ltd is experiencing a price increase, with the current price at Rs 510.00, reflecting a rise of Rs 22.1 or 4.53%. The stock is currently trading close to its 52-week high, just 3.1% away from Rs 525.8. It has outperformed its sector by 4.01% today and is trading above all key moving averages, indicating strong momentum. Over the past month, the stock has shown impressive growth of 32.45%, and year-to-date, it has surged by 103.35%, significantly outperforming the Sensex, which has only gained 7.10% during the same period. However, there is a notable decline in investor participation, with delivery volume dropping by 91.67% against the 5-day average, which may raise concerns about sustainability.
In the broader market context, while the stock has delivered exceptional returns, the benchmark BSE500 has faced negative returns of -1.87% over the past year, highlighting the stock's strong relative performance. The company's high management efficiency, reflected in a return on equity (ROE) of 19.01%, coupled with a low debt-to-equity ratio, supports its positive outlook. Additionally, the recent financial results show significant growth in net sales and profits, further bolstering investor confidence. However, the stock's valuation appears expensive with a price-to-book value of 12.3, and while the PEG ratio of 0.4 suggests potential for growth, it may also indicate that the stock is priced for perfection, which could pose risks if future growth does not meet expectations.