Why is eClerx Services falling/rising?

As of 17-Nov, eClerx Services Ltd is experiencing a price increase, currently at Rs 4,557.10, reflecting a rise of Rs 158.75 or 3.61%. The stock has shown a positive trend today, outperforming its sector by 1.68% and reversing a two-day decline. It reached an intraday high of Rs 4,586.55, indicating strong performance. Over the past week, the stock has gained 4.71%, and it has demonstrated impressive returns over longer periods, including a 36.87% increase over the last year and a staggering 219.26% over the last three years. The company benefits from strong long-term fundamentals, including a robust average Return on Equity (ROE) of 24.29%, significant growth in net sales, and a low debt-to-equity ratio. However, the stock is considered expensive relative to its peers, with a high Price to Book Value ratio, which could pose risks to its valuation.
In the broader market context, eClerx Services has significantly outperformed the benchmark Sensex, which has only increased by 1.69% over the past week. This strong performance relative to the market highlights investor confidence in the company's fundamentals, especially given its high institutional holdings of 36.68%. Despite a recent decline in investor participation, as indicated by a drop in delivery volume, the stock's liquidity remains sufficient for trading. Overall, the combination of strong financial results, consistent returns, and a favorable market position contributes to the stock's rising price.