Why is Indiamart Inter. falling/rising?

As of 26-Aug, Indiamart Intermesh Ltd's stock price is currently at 2,652.40, reflecting an increase of 28.8, or 1.1%. The stock has outperformed its sector by 1.6% today and is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Over the past week, the stock has gained 2.39%, while it has seen a 3.01% increase over the past month. However, there is a notable decline in investor participation, with delivery volume falling by 61.55% against the 5-day average. Positive factors contributing to the stock's rise include high management efficiency, a low debt-to-equity ratio, and consistent positive results over the last nine quarters, with significant growth in profit after tax and net sales.
In the broader market context, while Indiamart's stock has shown a positive short-term return, the benchmark Sensex has declined by 1.05% over the past week and 0.83% over the past month. This indicates that Indiamart is performing well relative to the overall market. Despite a year-over-year decline of 10.66% in stock returns, the company's profits have risen significantly, suggesting that the stock is trading at a discount compared to its peers. However, the high valuation metrics, such as a Price to Book Value of 7.3, indicate that the stock may be considered expensive, which could pose risks for future performance.