Why is Manorama Indust. falling/rising?

As of 10-Jul, Manorama Industries Ltd's stock price is currently at Rs. 1,484.10, reflecting a decrease of Rs. 20.9 or 1.39%. Despite this decline, the stock has shown strong performance over the past week, gaining 4.03%, and has achieved a remarkable 131.47% increase over the last year. The stock reached a new 52-week high of Rs. 1,554 today, indicating strong investor interest, although it underperformed its sector by 1.23%. The company has demonstrated healthy long-term growth, with net sales and operating profit increasing significantly, and has consistently reported positive results for the last three quarters. Additionally, institutional investors have increased their stake, suggesting confidence in the company's fundamentals.
In the broader market context, while Manorama Industries has outperformed the Sensex over various time frames, including a 6.98% increase over the past month compared to the Sensex's 0.97%, the stock's current decline may be attributed to profit-taking after reaching a new high. The stock's liquidity remains strong, and it is trading above its moving averages, which typically indicates a bullish trend. However, the stock's valuation is considered expensive with a ROCE of 19.9, and while it has generated substantial returns, the high PEG ratio suggests that the stock may be overvalued relative to its earnings growth. This combination of factors may contribute to the recent price movement despite the overall positive outlook for the company.