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, the parent of Ixigo, saw its operating revenue increase 8.5% year on year to Rs 308 crore for the quarter ended March.The company posted a profit after tax of Rs 32 crore, up 91% year on year. Ixigo attributed the growth to its multi-modal diversification strategy
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Wrong Parle Stock Again Hits 5% Upper Circuit
Wrong Parle Stock Again Hits 5% Upper Circuit; Third Straight Day Rally After Viral 'Melody' Buzz
Shares of Parle Industries continued their dream run on Friday, May 22, hitting the 5% upper circuit for the third consecutive trading session as investors kept pouring money into the stock. The penny stock was mistaken for Parle Products, an unlisted FMCG giant that makes popular brands like Parle-G and Melody, after the viral “Melody" moment involving Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni.
The stock rose nearly 5% to Rs 5.78 on the BSE in Friday’s opening trade after already locking in upper circuits over the previous two sessions. The stock has delivered 19.4 per cent returns in three days.
The rally, however, has little to do with the company’s business fundamentals and appears to be driven largely by mistaken identity buying.
The frenzy began after videos from PM Modi’s Italy visit went viral on social media, showing the prime minister gifting Melody toffees to Meloni. The clip revived the popular “Melodi" meme trend online and triggered a spike in investor interest around stocks carrying the ‘Parle’ name.
However, there is a catch. Melody toffees are manufactured by Parle Products, the privately held FMCG giant known for brands such as Parle-G, Monaco, KrackJack and Mango Bite. Parle Products is not a listed company.
On the other hand, Parle Industries is a separate BSE-listed entity with businesses linked to infrastructure, real estate and paper recycling, and has no connection with Melody toffees or Parle Products.
Market experts have said such episodes are not uncommon on Dalal Street, especially in low-priced smallcap and penny stocks where viral social media trends, familiar brand names and momentum-driven retail participation can trigger sharp moves disconnected from fundamentals.
Source: News18
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