Why is Poly Medicure falling/rising?

As of 30-Jun, Poly Medicure Ltd's stock price is currently at Rs 2,227.40, reflecting an increase of Rs 66.75, or 3.09%. The stock has shown a strong performance today, touching an intraday high of Rs 2,241.75, which is a 3.75% rise. Despite this, it has underperformed its sector by 0.3%. Over the past week, the stock has gained 4.38%, although it has seen a decline of 1.41% over the past month. The company has consistently delivered positive results for the last 11 quarters, with net sales reaching their highest at Rs 440.83 crore and a notable growth in profit before tax. Additionally, the company boasts a low debt-to-equity ratio and high institutional holdings, which contribute to investor confidence.
In the broader market context, while Poly Medicure's short-term performance has been positive, it has lagged behind the benchmark Sensex, which has increased by 2.09% over the same week. The medical equipment sector has also seen gains of 3.53%, indicating a favorable environment for the industry. However, despite the stock's strong historical returns and significant market capitalization, concerns about its high valuation relative to peers, as indicated by a price-to-book value of 8.2 and a PEG ratio of 2.8, may temper investor enthusiasm. Overall, while the stock is rising today, its long-term performance and valuation metrics suggest a cautious outlook.