Parle Industries jumps 5% after Modi-Meloni Melody buzz, but there's a catch
Social media buzz around PM Modi gifting Melody to Italy PM Giorgia Meloni appears to have sparked confusion among retail investors, sending Parle Industries shares sharply higher despite no business connection to the toffee brand.
Parle Products is the firm producing the Melody toffee.
Shares of Parle Industries rose sharply on Tuesday after Prime Minister Narendra Modi gifted a packet of Melody toffees to Italian Prime Minister Giorgia Meloni during his Italy visit, reviving the viral “Melodi” trend online.
Parle Industries shares climbed 5% intraday to Rs 5.25. The stock was also up nearly 7% over the past one week.
However, there is an important catch.
The listed company, Parle Industries, does not actually make Melody toffees. Melody is made by Parle Products, the well-known FMCG company behind brands such as Parle-G, Monaco, KrackJack, Mango Bite and Poppins.
Parle Products is a privately held company and is not listed on the stock market.
Meanwhile, Parle Industries is a separate listed entity on the BSE and has no direct business connection with Melody candies.
This appears to be a case where retail investors and traders linked the “Parle” name with the viral Melody moment and rushed to buy shares of the listed company carrying the Parle name.
WHAT TRIGGERED THE 'PARLE' RALLY?
The rally was triggered after a light-hearted video featuring Modi and Meloni went viral online.
In the clip, PM Modi was seen gifting a packet of Melody candies to Meloni, in what many users saw as a playful reference to the popular “#Melodi” phrase used online for the two leaders.
Meloni later shared the clip on X and wrote, “Thank you for the gift.”
In the video, she was also heard saying, “He gifted... a very, very good toffee,” after which both leaders laughed.
The video quickly went viral, drawing lakhs of views, reactions and comments across social media platforms.
Soon after the clip gained traction, Parle Industries shares witnessed strong buying activity.
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