&w=1200&q=75)
Parle Industries Stock Surges 15% Amid 'Melody' Mania
Wrong Parle, yet again! 'Melody' buzz sends this stock up 15% in 3 days
Image: Moneycontrol
Shares of Parle Industries, a company unrelated to the confectionery brand, surged over 15% in three days following a viral moment when Prime Minister Narendra Modi gifted Melody chocolates to Italian Prime Minister Giorgia Meloni. This phenomenon is increasingly seen as a meme-stock frenzy, highlighting investor behavior driven by social media rather than fundamentals.
- 01Parle Industries shares hit the 5% upper circuit on the Bombay Stock Exchange (BSE) multiple times in recent days.
- 02The surge in stock price is attributed to a viral video of PM Modi gifting Melody chocolates, despite the company's lack of connection to the confectionery brand.
- 03Abhishek Bhilwaria, a mutual fund distributor, described the rally as a 'textbook example of herd mentality overpowering logic.'
- 04Parle Industries, incorporated in 1983, operates in sectors like infrastructure, real estate, and paper waste recycling.
- 05Parle Products, the actual maker of Melody candies, is a separate unlisted entity founded in 1929.
Advertisement
In-Article Ad
The stock market has witnessed a surprising surge in shares of Parle Industries, which rose over 15% in just three days, driven by the 'Melody' buzz. This rally began after Prime Minister Narendra Modi presented a packet of Melody chocolates to Italian Prime Minister Giorgia Meloni during his recent visit to Rome. Parle Industries, a company with no affiliation to the confectionery brand, saw its shares hit the 5% upper circuit on the Bombay Stock Exchange (BSE) multiple times. Initially perceived as investor confusion, the ongoing buying frenzy is now being likened to meme-stock behavior, with investors seemingly driven more by social media hype than by the company's fundamentals. Abhishek Bhilwaria, a mutual fund distributor, noted that this situation exemplifies how herd mentality can overshadow rational investment logic. Parle Industries, established in 1983 and operating independently in various sectors, is set to announce its quarterly results on May 26. In contrast, Parle Products, the actual manufacturer of Melody candies, remains a separate, fully promoter-owned company founded in 1929.
Advertisement
In-Article Ad
The surge in Parle Industries' stock may influence investor behavior and market dynamics, particularly in the context of meme stocks.
Advertisement
In-Article Ad
Reader Poll
Do you think social media trends should influence stock purchases?
Connecting to poll...
More about Parle Industries
Read the original article
Visit the source for the complete story.