Why is Waaree Energies falling/rising?

As of 11-Sep, Waaree Energies Ltd is experiencing a price increase, currently at Rs 3,739.15, reflecting a rise of 261.35 or 7.51%. The stock has recently hit a new 52-week and all-time high of Rs 3,775.2, and it has outperformed its sector by 8.33% today. Over the past week, the stock has gained 16.82%, and in the last month, it has risen by 20.16%. The company has shown strong performance with a significant increase in net profit and sales, alongside a healthy return on equity of 23.17%. Institutional investors have also increased their stake, indicating confidence in the company's fundamentals.
In the broader market context, Waaree Energies has significantly outperformed the Sensex, which has only increased by 1.03% over the past week. The stock's strong performance is supported by rising investor participation, as evidenced by a substantial increase in delivery volume, which has risen by 487.64% against the 5-day average. Despite a high valuation indicated by a Price to Book Value of 11.4, the company's robust growth metrics and positive quarterly results contribute to its rising stock price.