Why is Z-Tech (India) falling/rising?

As of 17-Sep, Z-Tech (India) Ltd is experiencing a rise in its stock price, currently at 618.35, reflecting an increase of 23.85 or 4.01%. The stock has shown strong performance today, outperforming its sector by 3.78%. It is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a positive trend. Over the past week, Z-Tech has gained 3.31%, and its one-month return stands at 12.47%, significantly outperforming the Sensex, which has only increased by 1.43% during the same period. The company has demonstrated healthy growth, with net sales increasing at an annual rate of 45.50% and operating profit soaring by 204.13%. However, a notable decline in investor participation is observed, with delivery volume dropping by 78.05% against the 5-day average.
In the broader market context, Z-Tech's performance is particularly impressive given that the BSE500 has generated negative returns of -2.63% over the last year, while Z-Tech has achieved a remarkable 84.97% return. This divergence highlights the company's strong fundamentals, including a low debt-to-equity ratio and consistent positive results over the last three quarters. However, the stock's high valuation, with a price-to-book value of 38.8, raises concerns about its sustainability, especially as domestic mutual funds hold no stake in the company, which may indicate a lack of confidence at current price levels.