Why is Laurus Labs falling/rising?

As of 07-Jul, Laurus Labs Ltd is experiencing a slight increase in its stock price, currently at Rs. 776.70, reflecting a change of 0.7 (0.09%) upwards. The stock has been on a positive trajectory, gaining for the last eight consecutive days and achieving a return of 16.02% during this period. It recently hit a new 52-week high of Rs. 779.5. Over the past week, Laurus Labs has outperformed the benchmark Sensex, with a return of 7.15% compared to the Sensex's decline of 0.20%. The company has demonstrated strong financial performance, with a remarkable net profit growth of 210.5% and positive results for the last two consecutive quarters, contributing to its market-beating performance of 62.74% over the past year.
In the broader market context, while Laurus Labs has shown impressive short-term returns, the Sensex has only increased by 1.53% over the past month. The stock's strong performance is supported by high institutional holdings at 37.29%, indicating confidence from investors with substantial resources to analyze the company's fundamentals. However, there are concerns regarding its valuation, as it is considered expensive with a ROCE of 8.8 and a PEG ratio of 1, suggesting that while the stock is performing well, it may be trading at a premium compared to its peers. Despite a recent decline in delivery volume, the stock remains liquid enough for trading, which may help sustain its upward momentum.