Shares of Parle Industries rose nearly 5 per cent for a second consecutive session on Thursday, extending gains after hitting the upper circuit in the previous trading session amid a social media-driven rally mistakenly linked the stock to the popular Melody toffee brand.
The stock gained 4.95 per cent to Rs 5.51 on the BSE as retail investor interest surged following a viral video featuring Giorgia Meloni and Narendra Modi.
The rally was triggered by a widely shared clip from Prime Minister Modi’s visit to Rome, in which Meloni is heard saying, “Prime Minister Modi brought as a gift a very, very good toffee.”
“Melody,” Modi replies, prompting laughter and reigniting the popular “Melodi” meme trend on social media. The exchange also revived online discussions around Melody’s well-known “very, very chocolaty” advertising slogan.
The social media buzz quickly spilled over into the stock market, with retail investors flocking to Parle Industries shares despite the company having no connection to Melody confectionery products.
Melody is manufactured by Parle Products, the privately held maker of well-known brands including Parle-G, Monaco, KrackJack and Hide & Seek.
Parle Industries clarified through its corporate history and business profile that it has no operational or commercial link to Parle Products or the Melody brand.
The company was incorporated in 1983 as Express Bottlers Service and was subsequently renamed Parle Software. While it was originally promoted by the Parle-Bisleri group, it now operate independently with business interests spanning infrastructure, real estate and paper waste recycling.
The episode highlights how social media trends and retail investor enthusiasm can occasionally drive sharp movements in lesser-known stocks, even when there is no underlying business connection to the event attracting public attention. |
