Parle Industries surges over 21% after PM Modi toffee gift
Business
Parle Industries shares have jumped over 21% in just four days, amid speculation that investors confused it with Parle Products, the company behind Melody candies.
The buzz started when PM Modi gifted these iconic toffees to Italy's PM Meloni, and social media ran wild with the moment.
Parle Industries unconnected to Parle Products
After Meloni called Melody "very, very good toffee" in a viral video, everyone started talking about Parle Products.
But here's the twist: Parle Industries (the one whose stock is surging) actually is an infrastructure and real estate firm and manages paper waste recycling operations, and isn't connected to Melody or FMCG at all.
Meanwhile, Parle Products says it has no plans for an IPO, even as its candies get global attention and exports are set to grow.