Why is International Ge falling/rising?

As of 07-Jul, International Gemmological Institute (India) Ltd is experiencing a price increase, with its current price at Rs 392.25, reflecting a rise of Rs 11.05 or 2.9%. The stock has shown positive momentum, gaining for the last three days and achieving a total return of 7.06% during this period. It has outperformed its sector by 2.2% today and reached an intraday high of Rs 395.5. Additionally, the stock's performance over the past week shows a return of +4.09%, contrasting with a slight decline of -0.20% in the Sensex. The company has reported strong financial metrics, including a high return on equity (ROE) of 40.21% and significant growth in net sales and profit before tax, which have contributed to rising investor confidence.
In the broader market context, while the stock has underperformed year-to-date with a decline of -29.13%, it has shown resilience in the short term compared to the benchmark. Institutional investors have increased their stake in the company, indicating growing confidence among more sophisticated market participants. However, the stock's high valuation, with a price-to-book ratio of 16, raises concerns about its affordability despite the recent positive performance. Overall, the combination of strong recent gains, increased institutional interest, and solid financial performance has contributed to the stock's upward movement, even as it faces challenges in the longer-term perspective.