Why is Elitecon Inter. falling/rising?

As of 03-Jul, Elitecon International Ltd's stock price is rising, currently at Rs 73.15, reflecting an increase of Rs 3.48 or 4.99%. The stock has achieved a new 52-week high today and has been on a positive trajectory, gaining for the last nine consecutive days with a total return of 48.11% during this period. It opened with a gain of 4.99% and has consistently traded at this price level. The stock is performing well above its moving averages and has seen a significant increase in investor participation, with delivery volume rising by 16.31% against the five-day average. The company's strong financial performance, including a 170.65% growth in net sales and positive results for the last five quarters, has contributed to this upward movement, despite its high valuation metrics.
In the broader market context, Elitecon's stock has significantly outperformed the Sensex, which has seen a decline of 0.62% over the past week, while Elitecon's stock has surged by 24.09%. This stark contrast highlights the stock's strong performance relative to the market. Additionally, the high institutional holdings at 38.41% suggest confidence from more sophisticated investors, further supporting the stock's rise. However, it is important to note that the stock's high price-to-book value indicates a very expensive valuation, which could pose risks if market conditions change.