Why is Elitecon Inter. falling/rising?

As of 25-Jul, Elitecon International Ltd's stock price is rising, currently at Rs. 159.52, reflecting an increase of Rs. 7.59 or 5.0%. The stock has reached a new 52-week high today and has been on a consecutive gain streak for the last 21 days, resulting in a remarkable 170.6% return during this period. Additionally, the stock has significantly outperformed its sector by 6.98% today. The company has reported outstanding financial results, with net sales growing by 170.65% and positive performance over the last five quarters, which has likely contributed to the stock's upward momentum. However, it is important to note that there has been a significant decline in investor participation, with delivery volume dropping by 88.94% compared to the five-day average.
In the broader market context, Elitecon's short-term performance stands in stark contrast to the Sensex, which has seen a slight decline of 0.36% over the past week. While the stock has surged by 27.62% in the same timeframe, the overall market has not followed suit, indicating that Elitecon's growth is driven by company-specific factors rather than broader market trends. The high institutional holdings at 38.26% suggest that informed investors are confident in the company's fundamentals, despite its expensive valuation indicated by a Price to Book Value of 159.1. This combination of strong financial performance and institutional backing appears to be fueling the stock's rise, even as the market faces challenges.