Modi toffee gift sparks rally in wrong Parle stock
After PM Narendra Modi gave Giorgia Meloni a Melody toffee in Rome, retail traders bought shares of listed Parle Industries, lifting the stock about 5% to ₹5.25; Melody is made by unlisted Parle Products.
During a meeting in Rome on Tuesday, Prime Minister Narendra Modi handed Italian Prime Minister Giorgia Meloni a pack of Melody toffees. Video and images of the exchange circulated online, and retail investors bought shares of Mumbai-listed Parle Industries, pushing the stock up about 5% to ₹5.25 on the BSE.
The social posts revived an online nickname linking Meloni and Melody. Some traders appeared to connect the viral moment with the familiar Parle name and purchased shares of the listed company despite Parle Industries not being the maker of Melody confectionery.
Parle Industries Ltd is a listed company that focuses on infrastructure and real estate. The firm was incorporated in 1983 and was a wholly owned subsidiary of Parle Bisleri Ltd until around the 1999–2000 financial year. It changed its name from Parle Software Limited in September 2019.
Melody toffees are produced by Parle Products Pvt Ltd, a privately held confectionery business that is not listed on any stock exchange. There is no public stock that provides direct exposure to the Melody brand.
Both Parle Industries and Parle Products trace their origins to the Chauhan family business founded in 1929. That enterprise later split into separate groups, including Parle Products, Parle Agro and Parle Bisleri, leading to several businesses using the Parle name.
No official comment was available from either Parle Industries or Parle Products at the time of trading. The stock movement occurred after images of the leaders’ meeting circulated on social media and traders acted on the association between the viral moment and the Parle brand name.
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