Why is HBL Engineering falling/rising?

As of 10-Nov, HBL Engineering Ltd's stock price is rising, currently at 1,099.50, reflecting an increase of 120.15 or 12.27%. The stock has recently hit a new 52-week and all-time high of Rs 1,121.95, demonstrating strong performance today with an outperformance of 8.6% against its sector. Over the last two days, the stock has gained 13.91%, opening with a significant gap up of 9.13%. The stock's performance over various periods has been impressive, with a year-to-date return of 76.48% and a staggering 953.16% increase over the past three years. The company's low debt-to-equity ratio and substantial growth in operating profit and net profit have contributed positively to its recent price movement, alongside increased participation from institutional investors.
In the broader market context, HBL Engineering's short-term return of 11.09% over the past week contrasts sharply with the Sensex, which has seen a decline of 0.53%. This indicates that the stock is not only performing well in isolation but is also gaining traction relative to the overall market. The stock's valuation, while considered expensive with a Price to Book Value of 20.6, is supported by its consistent returns and strong fundamentals, which have attracted institutional investors. The overall positive sentiment surrounding the company, bolstered by its recent financial results and growth metrics, has likely fueled investor confidence and contributed to the stock's upward trajectory.