Why is Waaree Energies falling/rising?

As of 09-Jul, Waaree Energies Ltd is experiencing a price increase, currently at Rs 3,119.60, reflecting a rise of 52.1 points or 1.7%. The stock has shown strong performance today, outperforming its sector by 2.02% and achieving a consecutive gain over the last two days, with a total return of 6.83% during this period. It has also reached an intraday high of Rs 3,159.7. The stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating positive momentum. Additionally, investor participation has increased significantly, with delivery volume rising by 89.79% compared to the 5-day average. The company has demonstrated strong long-term fundamentals, with a return on equity of 23.17% and substantial growth in net sales and operating profit, which supports the stock's upward movement.
In the broader market context, Waaree Energies has outperformed the Sensex over the past week, with a return of 5.19% compared to the benchmark's 0.15%. Over the past month, the stock has increased by 11.18%, while the Sensex has only risen by 1.32%. This trend suggests that Waaree Energies is gaining traction among investors, particularly institutional investors, who have increased their stake in the company. However, it is worth noting that the stock has a high valuation with a price-to-book value of 21.8, which could pose risks if the market sentiment shifts. Despite this, the positive financial results and growth metrics have contributed to the stock's recent rise.