Parle industries stock jumps 5% after Modi gifts Melody toffees to Meloni — But investors got it wrong. Here’s the twist
&imwidth=600&imheight=450&format=webp&quality=medium "Parle industries stock jumps 5% after Modi gifts Melody toffees to Meloni — But investors got it wrong. Here’s the twist")
PM Modi gifting Parle Melody toffees to Italy PM Giorgia Meloni. Photograph: (X)
Parle Industries shares surged 5% after PM Modi gifted Melody toffees to Italian PM Meloni, sparking a viral "#Melodi" trend. However, in a major mix-up, traders bought the wrong stock: Check what the twist in the story is.
Parle Industries shares increased sharply on Tuesday (May 19) after Prime Minister Narendra Modi gifted a packet of Melody toffees to Italian Prime Minister Giorgia Meloni during his visit to Italy. The shares climbed 5 per cent intraday to Rs 5.25, and the stock had also risen nearly 7 per cent over the past one week.
What do we know about Parle Industries?
There is, however, an important twist. The listed company, Parle Industries, is not the manufacturer of Melody toffees. It operates in infrastructure, real estate development, and paper waste recycling. Whereas, Melody is produced by Parle Products, the privately held FMCG giant known for brands such as Parle-G, Monaco, KrackJack, Mango Bite and Poppins. Since Parle Products is not listed on the stock market, investors cannot directly trade its shares.
Parle Industries is a completely separate BSE-listed firm with no direct connection to Melody candies. The spike in its stock appears to have been driven by retail investors and traders who seemingly associated the “Parle” name with the viral Melody buzz and rushed to buy shares of the listed company.
The rally followed a light-hearted viral video featuring Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni. In the clip, Modi was seen gifting a packet of Melody candies to Meloni, a playful nod many social media users linked to the popular “#Melodi” phrase used online for the two leaders.
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Later, Meloni shared the clip on her social media post X and wrote, “Thank you for the gift.” In the clip, she was also heard saying, “He gifted... a very, very good toffee." The posted video quickly went viral, drawing the attention of several netizens across social media platforms. Shortly after the clip went viral, shares of Parle Industries saw a surge in buying interest.
