Why is Elitecon Inter. falling/rising?

As of 02-Jul, Elitecon International Ltd's stock price is rising, currently at Rs 69.67, reflecting an increase of Rs 3.31 or 4.99%. The stock has reached a new 52-week high today and has been on a positive trajectory, gaining for the last eight consecutive days with a total return of 41.06% during this period. The stock's performance has significantly outpaced the sector by 4.22%, and it has shown impressive returns over various time frames, including a 24.08% increase over the past week and a staggering 585.39% year-to-date. The company's strong financial results, including a 170.65% growth in net sales and positive performance over the last five quarters, have contributed to this upward movement. However, the stock is considered very expensive with a high Price to Book Value of 69.5, which may raise concerns among some investors.
In the broader market context, Elitecon International Ltd has significantly outperformed the Sensex, which has only increased by 0.79% over the past week and 6.75% year-to-date. This stark contrast highlights the stock's strong momentum relative to the overall market. The rising investor participation, indicated by a 14.29% increase in delivery volume, suggests growing confidence among investors, further supporting the stock's upward trend. Despite the high valuation concerns, the strong institutional holdings at 38.41% indicate that knowledgeable investors are backing the stock, which may provide additional stability and confidence in its continued performance.