Why is Graphite India falling/rising?

As of 23-Jul, Graphite India Ltd. has seen its stock price rise to 575.70, reflecting an increase of 12.5 or 2.22%. Today's price summary indicates that the stock has outperformed its sector by 1.68% and has experienced a trend reversal after two consecutive days of decline, reaching an intraday high of Rs 579.5. Despite this positive movement, there has been a notable decrease in investor participation, with delivery volume falling by 32.81% compared to the five-day average. Over the past year, the stock has generated a return of 12.21%, significantly outperforming the broader market, which has seen returns of only 1.79%. Additionally, the company has reported strong financial results, including a substantial growth in profit before tax and profit after tax, along with a healthy cash position, which supports the stock's upward movement.
In the broader market context, while Graphite India has shown a positive return of 2.97% over the past month, the benchmark Sensex has only increased by 1.01% during the same period. This indicates that the stock is performing better than the market average in the short term. However, the stock's performance over the last three years shows a lower return of 38.82% compared to the Sensex's 47.54%, suggesting that while it has recently gained momentum, it has lagged behind the benchmark over a longer timeframe. Overall, the combination of strong financial results and recent price movements contributes to the stock's rising trend, despite some concerns regarding declining investor participation.