Why is IRIS Business falling/rising?

As of 29-Jul, IRIS Business Services Ltd's stock price is rising, currently at Rs 379.70, reflecting an increase of Rs 8.7 or 2.35%. Today's price summary indicates that the stock has outperformed its sector by 2.62% and has experienced a trend reversal, gaining after three consecutive days of decline. The stock reached an intraday high of Rs 384.5, showing a 3.64% increase. Over the past month, the stock has performed well, with a return of 31.54%, despite a year-to-date decline of 17.04%. The company has a low debt-to-equity ratio and has demonstrated strong long-term performance, generating a 32.76% return over the last year and outperforming the BSE500 in the last three years. However, concerns remain regarding its valuation, as it trades at a premium compared to peers, and domestic mutual funds hold no stake in the company, which may indicate a lack of confidence at current prices.
In the broader market context, the stock's short-term performance has been more favorable compared to the benchmark, with a 1-week return of -2.39% for IRIS Business against a -1.03% decline in the Sensex. This suggests that while the stock has faced some recent challenges, its recovery today is notable in a generally declining market. The stock's liquidity remains adequate for trading, although there has been a decline in investor participation, as evidenced by a significant drop in delivery volume. Overall, the combination of a recent price increase, strong historical performance, and a trend reversal contributes to the stock's rising movement, despite some underlying concerns regarding its valuation and investor sentiment.