Why is Waaree Energies falling/rising?

As of 10-Sep, Waaree Energies Ltd is experiencing a significant rise in its stock price, currently at Rs 3,477.80, reflecting an increase of Rs 219.25 or 6.73%. The stock has shown strong performance today, outperforming its sector by 5.77% and achieving a consecutive gain over the last two days, with a total increase of 9.43% during this period. It reached an intraday high of Rs 3,501, and trading volumes have increased, with delivery volume rising by 34.82% compared to the five-day average. The stock is also trading above its moving averages across various time frames, indicating positive momentum. Additionally, the company has demonstrated strong long-term fundamentals, with a robust average return on equity of 23.17% and impressive growth in net sales and operating profit.
In the broader market context, Waaree Energies has outperformed the Sensex, with a one-week return of 7.88% compared to the benchmark's 1.06%, and a one-month return of 13.58% against 1.96%. This strong performance is further supported by increasing participation from institutional investors, who have raised their stake in the company, indicating confidence in its fundamentals. However, it is worth noting that the stock's valuation is considered expensive, with a price-to-book value of 10.5, despite its profits rising significantly over the past year. Overall, the combination of strong financial results, positive investor sentiment, and favorable trading conditions has contributed to the stock's upward movement.