Why is Onix Solar falling/rising?

As of 31-Jul, Onix Solar Energy Ltd's stock price is rising, currently at Rs. 500.00, reflecting an increase of Rs. 9.8 or 2.0%. The stock has reached a new 52-week and all-time high today, having gained 31.84% over the last 14 days. It opened with a 2% gain and has consistently traded at this price level. Onix Solar is outperforming its sector by 4.25% today and is trading above all significant moving averages, indicating strong momentum. Additionally, the stock has shown impressive returns of 420.02% over the past year and has outperformed the BSE500 index over various time frames, including a remarkable 938.42% increase over the last three years. Positive quarterly results have also contributed to investor confidence, with the highest profit after tax and operating income reported.
In the broader market context, while Onix Solar has experienced significant gains, the Sensex has seen a decline of 1.22% over the past week and a 3.00% drop over the last month. This contrast highlights Onix Solar's strong performance relative to the broader market, particularly in the short term. The stock's rising investor participation, evidenced by a substantial increase in delivery volume, further supports its upward trajectory. Overall, the combination of strong financial performance, positive market sentiment, and consistent gains positions Onix Solar favorably against a backdrop of broader market challenges.