Why is Waaree Energies falling/rising?

As of 14-Jul, Waaree Energies Ltd is experiencing a price increase, currently at 3,196.90, reflecting a rise of 84.55 or 2.72%. The stock has shown strong performance today, outperforming its sector by 3.18% and reaching an intraday high of Rs 3,235, which is a 3.94% increase. Over the past week, the stock has gained 9.48%, and over the past month, it has risen by 13.24%. The company has demonstrated strong long-term fundamentals, with a robust average Return on Equity (ROE) of 23.17%, and significant growth in net sales and operating profit. However, there is a noted decline in investor participation, with delivery volume falling by 43.42% against the 5-day average.
In the broader market context, while Waaree Energies has shown impressive short-term returns, the benchmark Sensex has declined by 1.42% over the past week. This indicates that the stock is performing well relative to the overall market. Additionally, institutional investors have increased their stake in the company, suggesting confidence in its fundamentals, despite the stock being considered expensive with a high Price to Book Value ratio. The combination of strong financial results and increasing institutional interest likely contributes to the stock's upward movement, even as it faces some risks related to valuation and declining retail investor participation.