Why is Thermax falling/rising?

As of 18-Jul, Thermax Ltd. is experiencing a price increase, with its current price at 3,900.90, reflecting a change of 17.35 (0.45%) upward. The stock has shown strong performance recently, gaining 13.37% over the last four days and outperforming its sector by 1.22% today. In the past week, the stock has risen by 13.20%, while it has also outperformed the benchmark Sensex, which declined by 0.90%. Additionally, the stock's delivery volume has surged by 638.33% compared to the five-day average, indicating rising investor participation. Despite a year-to-date decline of 4.20% and a one-year drop of 21.28%, the company maintains a healthy long-term growth outlook, with an operating profit growth rate of 20.94% and a low debt-to-equity ratio.
In the broader market context, while Thermax has underperformed the market over the past year, the recent short-term gains contrast sharply with the Sensex's performance. The Sensex has only increased by 0.38% over the past month, while Thermax's one-month return stands at 11.14%. This divergence suggests that investor sentiment towards Thermax is improving, likely driven by its strong fundamentals, including high institutional holdings at 28.11% and its significant market capitalization, which constitutes 21.52% of its sector. However, the stock's valuation remains a concern, as indicated by its high price-to-book value and relatively low return on equity, which could temper future growth expectations.