Why is Elitecon Inter. falling/rising?

As of 28-Jul, Elitecon International Ltd's stock price is rising, currently at Rs 167.49, reflecting an increase of 7.97 (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 178.22% return over the past month. The stock opened with a gain of 3.44% today and is trading above all key moving averages, indicating strong upward momentum. Positive financial results, including a 170.65% growth in net sales and consistent performance over the last five quarters, have contributed to investor confidence. However, the stock's high valuation, with a Price to Book Value of 167.1 and a return on equity of 43.5, raises concerns about its sustainability.
In the broader market context, Elitecon's short-term performance significantly outpaces the benchmark Sensex, which has declined by 1.59% over the past week, while Elitecon has surged by 27.61%. This stark contrast highlights the stock's strong appeal amidst a generally weak market environment. Despite a notable drop in investor participation, with delivery volume decreasing by 87.65% against the five-day average, the high institutional holdings at 38.26% suggest that informed investors continue to support the stock, further driving its price upward.