Shares of Parle Industries, an infrastructure and real estate firm, climb sharply following a viral moment from Prime Minister Narendra Modi’s visit to Italy. Multiple outlets report that Modi gifted Giorgia Meloni a bag of “Melody” toffees, and Meloni shared a video of the exchange on social media, describing the toffees as “very, very good toffee.” The widely circulated video triggers a “wrong Parle” effect in markets, with investors appearing to buy Parle Industries instead of Parle Products, the unlisted FMCG company behind Parle-G biscuits and the Melody toffee brand.
The reporting notes that Parle Industries has no connection with Parle Products despite the similar names. In interviews cited by outlets, Parle Products officials say the Melody toffee is exported and available in about 100 countries, and they expect increased traction in domestic and international sales after the viral moment. Outlets also mention prior speculation about a potential IPO for Parle Products, but management says it is not considering listing at present.
In trading, Parle Industries shares hit the 5% upper circuit on consecutive sessions after the viral clip, with gains reported over roughly three to four sessions.
