Why is Bharat Electron falling/rising?

As of 29-Aug, Bharat Electronics Ltd's stock price is currently at 369.25, reflecting an increase of 5.35 or 1.47%. The stock has shown a trend reversal by gaining after three consecutive days of decline. Despite this recent uptick, the stock has experienced a 1.49% decrease over the past week and a 4.92% decline over the past month. However, it has demonstrated strong long-term performance with a year-to-date increase of 26.00% and a remarkable 262.47% rise over the past three years. The company boasts a solid long-term fundamental strength, highlighted by an average Return on Equity (ROE) of 22.22% and consistent positive results over the last seven quarters, which have contributed to its recent price movement.
In the broader market context, Bharat Electronics Ltd's performance has outpaced the benchmark Sensex, which has declined by 1.84% over the past week and 1.88% over the past month. The stock's relative strength is further supported by high institutional holdings at 39.16%, indicating confidence from sophisticated investors. However, there are concerns regarding its valuation, as it trades at a premium compared to its peers, with a Price to Book Value of 13.5. This expensive valuation could pose risks to future price movements, especially if profit growth does not keep pace with the stock's price increase.