Why is Meera Industries falling/rising?

As of 10-Jun, Meera Industries Ltd is experiencing a significant rise in its stock price, currently at Rs 77.00, reflecting an increase of Rs 7.4 or 10.63%. The stock has shown strong performance today, outperforming its sector by 9.63% and marking its eighth consecutive day of gains, with a total return of 32.23% during this period. It opened with a gain of 4.02% and reached an intraday high of Rs 81.3, indicating high volatility with an intraday fluctuation of 6.69%. The stock is trading above all key moving averages and has seen a notable increase in investor participation, with delivery volume rising by 502.98% compared to the five-day average. Additionally, the stock's technical indicators are in a mildly bullish range, supported by a strong return of 69.45% over the past year, significantly outpacing the market.
In the broader market context, Meera Industries' short-term performance of +30.51% over the past week contrasts sharply with the Sensex, which has only increased by 2.05% during the same period. This indicates that the stock is not only gaining traction on its own but is also outperforming the general market trends. While the company has attractive valuation metrics and a strong recent profit growth of 154.8%, it does face challenges with long-term fundamental strength, as indicated by a relatively low Return on Equity (ROE) of 7.13% and flat results in recent quarters. Despite these concerns, the current momentum and positive technical indicators suggest that investor sentiment remains strong, contributing to the stock's upward movement.