Why is Laurus Labs falling/rising?

As of 28-Jul, Laurus Labs Ltd is experiencing a significant rise in its stock price, currently at Rs. 888.70, reflecting an increase of 49.85 or 5.94%. The stock has recently hit a new 52-week high of Rs. 901 and has shown strong performance, gaining 8.17% over the last four days. It has outperformed its sector by 5.86% today and is trading above all major moving averages. The company has reported impressive financial results, including a net profit growth of 1219.25% and consistent positive results over the last three quarters, contributing to its strong performance. Additionally, high institutional holdings at 37.63% indicate confidence from more knowledgeable investors, further supporting the stock's upward movement.
In the broader market context, Laurus Labs has significantly outperformed the benchmark Sensex, with a 1-week return of +7.15% compared to the Sensex's -1.59%, and a 1-month return of +26.65% against the Sensex's -3.77%. This trend of outperformance is consistent over longer periods, with the stock generating a 98.02% return over the past year while the Sensex has remained nearly flat at -0.54%. The strong performance of Laurus Labs amidst a declining market for the benchmark highlights its resilience and attractiveness to investors, reinforcing the positive sentiment surrounding the stock.