Why is Uday Jewellery falling/rising?

As of 04-Sep, Uday Jewellery Industries Ltd is experiencing a price increase, currently at Rs 169.20, reflecting a rise of 1.7 or 1.01%. The stock has shown a trend reversal after three consecutive days of decline, and it is currently 4.52% away from its 52-week high of Rs 176.85. Despite a recent intraday low of Rs 162.15, the stock has outperformed its sector by 1.13%. Over the past month, Uday Jewellery has delivered a strong return of 13.71%, contrasting with the Sensex, which has seen a slight decline of 0.37%. The company has demonstrated robust financial performance, with net sales growing at an annual rate of 38.68% and a significant net profit increase of 196.18%, contributing to positive investor sentiment.
In the broader market context, while Uday Jewellery has outperformed the Sensex in both the short and long term, the stock's recent performance is particularly noteworthy given the declining investor participation, with delivery volume dropping by 50.95% against the five-day average. This decline in participation may indicate some caution among investors despite the company's strong fundamentals, including a low debt-to-equity ratio and attractive valuations compared to peers. Overall, the stock's ability to generate positive returns over the past year, coupled with its healthy growth metrics, suggests that it remains a favorable investment despite the recent fluctuations in trading volume.