Why is IRIS Business falling/rising?

As of 27-Jun, IRIS Business Services Ltd is experiencing a price increase, currently at Rs 288.65, reflecting a rise of 13.7 points or 4.98%. The stock has shown strong performance recently, gaining 19.1% over the last four days and outperforming its sector by 5% today. It opened with a gain of 2.93% and reached an intraday high of Rs 288.65. Over the past year, the stock has generated a return of 37.98%, significantly higher than the market's average return of 4.10%. However, the company has a very expensive valuation with a Price to Book Value of 7.8, and despite its strong returns, domestic mutual funds hold no stake in the company, which may indicate a lack of confidence at current price levels.
In the broader market context, the stock's recent performance is impressive compared to the benchmark Sensex, which has only increased by 2.00% over the past week and 3.07% over the past month. While IRIS has outperformed the market significantly in the short term, it is important to note that its year-to-date performance is down by 36.93%, contrasting sharply with the Sensex's gain of 7.58%. This divergence suggests that while the stock is currently gaining traction, there are underlying concerns regarding its long-term sustainability and valuation that could impact investor sentiment moving forward.