Parle Industries shares rally on ‘Melody’ excitement; investors may have mixed up the names
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Shares of Parle Industries witnessed a burst of buying activity on Wednesday, with the stock hitting its 5% upper circuit limit after a viral video featuring Italian Prime Minister Giorgia Meloni and Prime Minister Narendra Modi sparked a social media frenzy around Melody toffees.
The “Melodi” buzz quickly found its way from meme pages to Dalal Street, as retail investors rushed to lap up the penny stock. Shares climbed 5% to ₹5.25 on the BSE, pushing the company’s market capitalisation to ₹25.64 crore.
However, the rally appears to be a classic case of investors getting carried away by the name. Parle Industries, which operates in infrastructure, real estate development and paper recycling, has no connection with Melody toffees or Parle Products. The unlisted FMCG giant, owned by the Chauhan family, owns several household brands, including Parle-G, Melody, Monaco, Hide & Seek and KrackJack.
Looks like some traders may have mistaken a viral toffee moment for a listed business opportunity.
The excitement followed a clip from Modi’s visit to Rome, in which Meloni revealed that the Indian Prime Minister had gifted her a packet of Melody candies.
Responding to her remarks, Modi simply said, “Melody,” triggering laughter and reigniting the popular “Melodi” meme trend online that playfully references the rapport between the two leaders.
PM Modi arrived in Italy on Tuesday for the final leg of his five-nation tour from May 15-20, during which he also visited the UAE, the Netherlands, Sweden and Norway. During his Italy visit, Modi held meetings with Italian Prime Minister Giorgia Meloni and President Sergio Mattarella.
Ahead of the visit, Modi said the trip would focus on strengthening India-Italy cooperation, particularly around the India-Middle East-Europe Economic Corridor (IMEC). He added that both countries would also review the Joint Strategic Action Plan 2025-2029.
“This visit will focus on boosting India-Italy cooperation, especially in areas linked to IMEC. The Joint Strategic Action Plan 2025-2029 will also be reviewed. I will also visit the headquarters of the Food and Agriculture Organisation (FAO), reaffirming India’s commitment to multilateralism and global food security,” Modi said in a post on X.
According to the Press Information Bureau (PIB), Modi on Wednesday shared that he had co-authored a joint op-ed with Meloni, highlighting the growing depth of bilateral ties between India and Italy.
“Penned an op-ed with PM Meloni on how India-Italy ties have reached a decisive stage. Ours is a Special Strategic Partnership driven by innovation, shared democratic values and a common vision for the future,” Modi posted on X.
The Prime Minister noted that the bond shared between the two countries is a Special Strategic Partnership. He highlighted that this robust relationship is firmly driven by innovation, shared democratic values, and a common vision for the future.
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