Why is Manorama Indust. falling/rising?

As of 16-Jul, Manorama Industries Ltd is experiencing a decline in its stock price, currently at Rs 1,588.15, which reflects a decrease of Rs 19.85 or 1.23%. Despite this drop, the stock has shown strong performance over the past week, with a return of 5.52%, and has significantly outperformed the benchmark Sensex, which fell by 1.08% during the same period. The stock is currently trading close to its 52-week high, just 2.05% away from Rs 1,617.15. Today's price movement indicates a trend reversal after two consecutive days of gains, with the stock touching an intraday low of Rs 1,565.85. The stock remains above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a generally positive trend. Additionally, there has been a notable increase in investor participation, with delivery volume rising by 90.94% against the 5-day average.
In the broader market context, while Manorama Industries Ltd has shown impressive returns, including a 48.70% increase year-to-date and a staggering 143.58% over the past year, the stock's recent decline may be attributed to its very expensive valuation, as indicated by a ROCE of 19.9 and an enterprise value to capital employed ratio of 11.6. Despite these concerns, the company has consistently delivered strong financial results, with net sales growing at an annual rate of 39.66% and a net profit increase of 43.14%. Institutional investors have also shown increased interest, raising their stake by 0.71%, which could support the stock in the long term. However, the market's reaction to the stock's valuation and recent price movements suggests a cautious sentiment among investors, contributing to the current decline.