Why is IRIS Business falling/rising?

As of 04-Jul, IRIS Business Services Ltd's stock price is rising, currently at Rs 368.30, reflecting an increase of Rs 17.5 or 4.99%. The stock has been on an upward trend, gaining for the last nine consecutive days and achieving a remarkable 51.97% return during this period. It opened today with a gain of 4.99% and reached an intraday high of Rs 368.30. Over the past year, the stock has outperformed the market with a return of 64.46%, significantly higher than the BSE500's return of 2.13%. However, the company has a very expensive valuation with a Price to Book Value of 10, and despite its strong performance, 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 stands in stark contrast to the Sensex, which has seen a decline of 0.74% over the past week. While IRIS Business has outperformed the sector by 4.49% today, the broader market has shown mixed results, with the Sensex up 3.01% over the past month. The stock's strong short-term performance, coupled with a low Debt to Equity ratio and a significant return over the past year, suggests investor interest; however, the falling delivery volume indicates a potential decrease in investor participation. This combination of factors contributes to the stock's rising price amidst a generally cautious market environment.