Parle Industries Shares Surge 21% After PM Modi’s ‘Melody’ Gift to Giorgia Meloni Sparks Stock Confusion
मुख्य बातें
- •Shares of Parle Industries, an infrastructure and real estate firm, surged over 21% after investors confused it with Parle Products due to PM Modi’s ‘Melody’ candy gift to Italy’s PM Giorgia Meloni.
- •Parle Industries hit the 5% upper circuit for four consecutive sessions, closing at ₹6.06 per share on Monday.
- •The actual manufacturer of Melody toffees, Parle Products, capitalized on the viral moment by sharing the video on social media with a playful caption referencing its 1983 founding.
- •Parle Products confirmed that Melody toffees are exported to 100+ countries and that the PM’s gesture helped promote Indian products globally, though the company is not currently planning an IPO.
The recent gift of ‘Melody’ candies by Prime Minister Narendra Modi to his Italian counterpart Giorgia Meloni during a state visit has unexpectedly triggered a significant rally in the shares of a lesser-known Mumbai-based company—Parle Industries—while simultaneously spotlighting the global reach of its more famous namesake, Parle Products.
On Monday, shares of Parle Industries, an infrastructure and real estate firm, hit the 5% upper circuit for the fourth consecutive trading session, closing at ₹6.06 per share. This surge represents a cumulative increase of over 21% in the company’s stock price since the viral social media moment involving the ‘Melody’ gift. The company, which operates in infrastructure development, real estate, and paper waste recycling, has no formal connection to Parle Products, the 100-year-old FMCG giant famous for brands like Parle-G biscuits and the Melody toffee. The confusion arose purely from the similarity in names, as investors and social media users conflated the two entities after the Prime Minister gifted Melody candies to Meloni.
