Why is Waaree Energies falling/rising?

As of 29-Jul, Waaree Energies Ltd is experiencing a price increase, currently at Rs 3,173.40, reflecting a rise of Rs 62.6 or 2.01%. Today's price performance indicates that the stock has outperformed its sector by 4.97% and has shown a trend reversal after two consecutive days of decline. The stock opened with a gain of 2.77% and reached an intraday high of Rs 3,291.95, which is a 5.82% increase. Over the past week, Waaree Energies has returned 2.31%, while it has gained 7.65% over the past month, contrasting with the Sensex, which has declined by 1.03% and 3.24% in the same periods, respectively. The company has demonstrated strong long-term fundamentals, with a return on equity of 23.17% and significant growth in net sales and operating profit, contributing to positive investor sentiment.
In the broader market context, while the renewable energy sector has faced a decline of 3.19%, Waaree Energies has managed to attract increased participation from institutional investors, who have raised their stake by 2.38% in the last quarter. This suggests a growing confidence in the company's fundamentals, especially given its impressive net profit growth of 19.93% and consistent positive results over the last three quarters. However, it is important to note that the stock has a high valuation with a price-to-book ratio of 9.6, which may pose risks for some investors. Despite this, the stock's liquidity remains strong, and its market capitalization positions it as a significant player in the sector, further supporting its recent price movement.