Why is Elitecon Inter. falling/rising?

As of 18-Jul, Elitecon International Ltd's stock price is rising, currently at Rs 125.00, reflecting an increase of Rs 5.89 or 4.95%. The stock has recently hit a new 52-week high of Rs 125.06 and has shown impressive performance, gaining 153.09% over the last 20 days. It has outperformed its sector by 5.48% today and opened with a gain of 5%. The stock's returns over various periods are remarkable, with a 1-week increase of 27.55% and a year-to-date return of 1129.71%. Positive factors contributing to this rise include a significant growth in net sales of 170.65% and strong quarterly results over the last five quarters, alongside high institutional holdings at 38.41%, indicating confidence from more knowledgeable investors. However, the stock is considered very expensive with a high Price to Book Value of 124.7, which may raise concerns about its valuation.
In the broader market context, the stock's short-term performance stands in stark contrast to the benchmark Sensex, which has declined by 0.90% over the past week while Elitecon's stock has surged. This significant outperformance highlights the stock's strong momentum amidst a generally weaker market environment. Despite a recent drop in delivery volume by 25.06% against the 5-day average, the stock remains liquid enough for trading, suggesting that investor interest is still present. Overall, the combination of strong financial results, high institutional backing, and the stock's ability to maintain upward momentum despite market fluctuations contributes to its rising price.