Why is Indef Manufactur falling/rising?

As of 03-Jul, Indef Manufacturing Ltd's stock price is rising, currently at Rs 553.20, reflecting an increase of Rs 25.2 or 4.77%. The stock has shown strong performance, gaining 36.26% over the last six days and outperforming its sector by 4.12% today. It is also close to its 52-week high, just 0.73% away from Rs 557.25. Despite a decline in investor participation, with delivery volume falling by 44.84% against the 5-day average, the stock is trading above all key moving averages, indicating positive momentum. However, the company faces challenges, including a poor long-term growth outlook with net sales declining at an annual rate of -1.60% over the past five years and a high valuation reflected in its price-to-book ratio.
In the broader market context, Indef Manufacturing Ltd has significantly outperformed the Sensex, with a 1-week return of +32.12% compared to the benchmark's -0.62%. Over the past month, the stock has surged by 129.07%, while the Sensex has only increased by 3.10%. This stark contrast highlights the stock's strong performance relative to the market, despite the company's flat results in March and a return on equity of 13.5%, which suggests it may be overvalued. Overall, while the stock is experiencing a rise in price, underlying concerns about long-term growth and valuation may temper investor enthusiasm.