‘Melody’ Frenzy: Parle Industries Extends Gains, Hits 5% Upper Circuit Again After Modi-Meloni Viral Clip
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On the BSE, shares of Parle Industries on May 21 trade at Rs 5.51, up Rs 0.26 or 4.95%.
Prime Minister Narendra Modi gifts a pack of toffees to his Italian counterpart Giorgia Meloni during a meeting, in Rome, Italy.
Shares of Parle Industries gained nearly 5% to hit the upper circuit for the second straight session on Thursday, extending gains from the previous trading day amid a social media-driven rally linked to the viral “Melodi” trend.
On the BSE, shares of Parle Industries on May 21 were trading at Rs 5.51, up Rs 0.26 or 4.95%.
The stock has come into focus after a viral video shared by Italian Prime Minister Giorgia Meloni showed Prime Minister Narendra Modi gifting her a packet of Melody toffees during his visit to Rome, triggering a fresh wave of the internet-famous ‘Melodi’ meme trend.
However, Parle Industries has no connection with Melody candies or Parle Products, the privately held maker of brands such as Melody, Parle-G, Monaco, KrackJack and Hide & Seek.
The rally in Parle Industries follows a now-viral clip from Modi’s visit to Rome, where Meloni is seen saying, “Prime Minister Modi brought us a gift, a very, very good toffee.”
The social media frenzy quickly spilled over to Dalal Street, with retail investors rushing into shares of Parle Industries despite the company having no operational or business link to the confectionery brand.
Retail investors rushed to buy shares of BSE-listed Parle Industries, apparently mistaking it for Parle Products, the privately held FMCG major behind brands such as Parle-G, Melody, Monaco, KrackJack and Hide & Seek.
Parle Industries is a company engaged in infrastructure and real estate development. It is also involved in the trading of paper, paper waste and allied recycling products. Currently, Parle Industries operates as a subsidiary of Fortune Point Exports Private Limited.
The company has no connection with Parle Products, the maker of Melody toffees and Parle-G biscuits.
Parle Industries was incorporated in 1983 as Express Bottlers Service Pvt Ltd and was later renamed Parle Software Ltd. Originally promoted by the Parle-Bisleri group, the company now operates independently in sectors such as infrastructure, real estate and paper waste recycling.
Parle Products had also attracted investor attention earlier amid reports around a potential IPO. The company, however, later clarified that there was “nothing as of now” regarding any plans for a public issue.
The latest episode once again highlights how viral social media moments and confusion around company names can trigger sharp moves in lesser-known stocks, especially among retail investors chasing momentum.
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