Why is Thermax falling/rising?

As of 29-Jul, Thermax Ltd. is experiencing a price increase, with its current price at Rs 3,791.90, reflecting a rise of 78.35 (2.11%). Today's price summary indicates that the stock has outperformed its sector by 0.69% and has gained after four consecutive days of decline, reaching an intraday high of Rs 3,792.8. Over the past week, the stock has seen a decline of 3.76%, but it has performed positively over the past month with a return of 12.92%. Despite a year-to-date decline of 6.88% and a significant drop of 24.99% over the past year, the company maintains a healthy long-term growth trajectory, with operating profit growing at an annual rate of 20.94%. The stock's low debt-to-equity ratio and high institutional holdings at 27.77% suggest strong investor confidence, although recent flat results and a high price-to-book value indicate potential valuation concerns.
Broader market context shows that while Thermax has underperformed the market over the past year, with a return of -24.99% compared to the BSE500's -2.26%, it has outperformed the Sensex in the short term. The stock's recent upward movement may be attributed to its strong fundamentals and institutional backing, which provide a buffer against broader market volatility. However, the falling investor participation, as indicated by a significant drop in delivery volume, could pose a risk to sustained price increases. Overall, the stock's recent rise can be seen as a response to its underlying growth potential, despite the challenges it faces in the current market environment.