Why is Manorama Indust. falling/rising?

As of 23-Jul, Manorama Industries Ltd is currently priced at 1,585.00, reflecting a decrease of 8.0 points or 0.5%. The stock has recently hit a new 52-week high of Rs.1620.95 but has underperformed its sector by 0.37% today. Despite this minor decline, the stock has shown impressive performance over the past month, with a return of 21.05%, and a remarkable 149.96% increase over the last year. The company has demonstrated strong financial health, with net sales growing at an annual rate of 39.66% and a net profit increase of 43.14%. However, the stock is considered very expensive with a high valuation, which may contribute to the recent price decline after two consecutive days of gains.
In the broader market context, the stock's short-term performance has lagged behind the Sensex, which has gained 0.11% over the past week while Manorama Industries Ltd has decreased by 0.20%. This underperformance may reflect investor sentiment as the stock experiences a trend reversal after recent highs. Despite the overall positive long-term growth and consistent returns over the past three years, the stock's current valuation concerns and recent price movements suggest a cautious approach among investors, potentially influencing the downward price adjustment.