Why is Magna Electrocas falling/rising?

As of 01-Jul, Magna Electro Castings Ltd is experiencing a price increase, currently at Rs 1,264.00, reflecting a rise of 25.0 points or 2.02%. The stock has recently hit a new 52-week and all-time high of Rs 1,317, indicating strong upward momentum. It has outperformed its sector by 3.21% today and has gained 19.03% over the last eight consecutive days. In terms of returns, Magna Electro Castings has shown impressive performance, with a 171.77% increase over the past year, significantly outperforming the BSE500 index in both the long term and near term. The company has also reported positive financial results, with net sales growing by 23.99% and profit after tax increasing by 27.03% over the last six months, contributing to investor confidence.
In the broader market context, the stock's short-term performance of +12.36% over the past week stands in stark contrast to the Sensex, which has only risen by 2.00% during the same period. This indicates that Magna Electro Castings is not only performing well on its own but is also gaining traction compared to the overall market. However, it is important to note that despite its strong performance, the stock is considered to have an expensive valuation with a Price to Book Value of 4.9, which may raise concerns among some investors. Additionally, the lack of domestic mutual fund holdings could suggest that institutional investors are cautious about the stock's current price level, despite its recent successes.