Why is Waaree Renewab. falling/rising?

As of 28-Aug, Waaree Renewable Technologies Ltd is experiencing a price increase, with its current price at Rs 1,032.85, reflecting a rise of Rs 9.85 or 0.96%. Today's price summary indicates that the stock has outperformed its sector by 1.83% and has shown a trend reversal after two consecutive days of decline, reaching an intraday high of Rs 1,051. The stock's performance over the past week shows a modest gain of 0.28%, while it has underperformed over the past month and year, with returns of -0.92% and -33.25%, respectively. Despite these declines, the company has demonstrated strong financial health, with significant growth in net sales and operating profit, and has consistently reported positive results over the last 16 quarters. However, the stock's high valuation, indicated by a Price to Book Value of 23.6 and a low domestic mutual fund holding, suggests that investor sentiment may be cautious.
Broader market context reveals that while the stock has faced significant challenges, the benchmark Sensex has also struggled, with a return of -2.34% over the past week and -2.08% over the past year. This context highlights that Waaree's recent price increase may be partially attributed to a recovery from previous declines, as it has outperformed the benchmark in the short term. However, the stock's long-term performance remains concerning, with a year-to-date decline of -23.09% compared to the Sensex's positive return of 2.48%. Overall, while the stock is currently rising, its long-term trajectory and valuation concerns may still weigh on investor confidence.