Why is Shriram Pistons falling/rising?

As of 03-Jul, Shriram Pistons & Rings Ltd is experiencing a significant upward movement in its stock price, currently at Rs 2,590.15, reflecting an increase of 161.95 points or 6.67%. The stock has recently hit a new 52-week and all-time high of Rs 2,600, demonstrating strong performance today as it outperformed its sector by 5.49%. Over the past two days, the stock has gained 6.8%, opening with a 2.31% gain today and reaching an intraday high of Rs 2,600. Additionally, the stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. Despite this positive momentum, there has been a notable decline in investor participation, with delivery volume dropping by 49.34% compared to the 5-day average. The company also shows strong fundamentals, with a high return on equity of 16.83% and healthy long-term growth reflected in an annual operating profit growth rate of 50.25%.
In the broader market context, Shriram Pistons has outperformed the benchmark Sensex over the past week, with a return of +6.70% compared to the Sensex's -0.62%. This indicates that the stock is gaining traction relative to the overall market, which may be contributing to investor interest. The positive financial results reported for the quarter, including the highest net sales and operating profit margins, further bolster the stock's appeal. Overall, the combination of strong performance metrics, positive market sentiment, and effective management appears to be driving the stock's recent rise, despite the decline in trading volume.