Why is Waaree Energies falling/rising?

As of 22-Jul, Waaree Energies Ltd is experiencing a price increase, currently at 3,101.65, reflecting a change of 14.65 (0.47%) upward. The stock has shown a trend reversal by gaining after three consecutive days of decline. Despite a recent drop of 3.69% over the past week, it has outperformed the sector today by 0.57%. The stock's performance over the last month indicates a positive return of 3.97%, and year-to-date, it has risen by 8.65%. The company has strong long-term fundamentals, with an average return on equity of 23.17%, and has reported significant growth in net sales and operating profit. However, the stock is considered very expensive with a high price-to-book value, which may deter some investors.
In the broader market context, the Sensex has decreased by 0.47% over the past week, while Waaree Energies has managed to outperform it, indicating relative strength. The stock's liquidity remains adequate for trading, although there has been a decline in delivery volume, suggesting falling investor participation. Institutional investors have increased their stake, which could provide additional support for the stock's price. Overall, while the stock faces challenges with its high valuation, its strong fundamentals and recent positive performance relative to the benchmark contribute to its rising price.