Parle Industries saw a sharp rise in trade on Tuesday after Prime Minister Narendra Modi gifted a packet of Melody toffees to Italian Prime Minister Giorgia Meloni during his Italy visit.
The clip quickly spread across social media and revived the popular Melodi chatter around the two leaders, which in turn pulled fresh retail interest into the stock. According to the report, the share climbed 5% intraday to Rs 5.25 and had already gained nearly 7% over the previous week.
The rally, however, is based more on name similarity than on business linkages. Melody is made by Parle Products, which is the FMCG company behind brands such as Parle G, Monaco, KrackJack, Mango Bite and Poppins.
Parle Products is privately held and not listed, while Parle Industries is a separate listed company with no direct connection to Melody candies. The buying appears to have been driven by investors linking the Parle name with the viral moment rather than by any operational development in the company.
The sharp reaction also came against a weak longer term performance. Even after the day’s jump, the stock remains under heavy pressure over a longer period, with the report noting declines of around 41% in three months, 46% in six months and more than 68% over one year.
