Why is Multi Comm. Exc. falling/rising?

As of 01-Jul, Multi Commodity Exchange of India Ltd is experiencing a price increase, currently at ₹9,060.65, reflecting a rise of ₹122.00 or 1.36%. The stock has recently hit a new 52-week and all-time high of ₹9,110, and it has outperformed its sector by 1.5%. Over the past week, the stock has gained 10.09%, and it has shown strong performance with a 132.43% increase over the past year. The company has demonstrated robust long-term fundamentals, with a return on equity (ROE) of 14.36% and significant growth in net sales and operating profit. However, there is a noted decline in investor participation, with delivery volume falling by 33.8% against the 5-day average, which may indicate some caution among retail investors despite the strong institutional holdings at 79.91%.
Broader market context shows that the stock has significantly outperformed the benchmark, with a 10.09% return over the past week compared to the Sensex's 2.00% increase. This trend continues in the longer term, with the stock achieving a 604.92% return over the past three years, while the Sensex has only risen by 58.19% in the same period. The stock's strong performance is supported by positive results over the last five quarters and an increase in institutional investment, which suggests confidence in the company's future. However, the stock is considered expensive with a high price-to-book value, and while its recent gains are impressive, the falling delivery volume could be a potential risk factor moving forward.