Melody effect: Wrong 'Parle' share hits upper circuit again today
What's the story
Shares of Parle Industries, a Mumbai-based infrastructure and real estate firm, have hit the 5% upper circuit for the fourth consecutive session today. The rally comes amid speculation that investors are mistaking it for unlisted FMCG giant Parle Products. The confusion was fueled by Prime Minister Narendra Modi's 'Melody' candy gift (a Parle product) to Italian PM Giorgia Meloni during his recent visit to Italy.
Viral impact
PM Modi gifted 'Melody' to Italian PM
During his Italy visit, PM Modi gifted a bag of 'Melody' candies to Meloni. The Italian PM later shared a video of their interaction on social media, which went viral. In the clip, she called it a "very, very good toffee." The gesture has been capitalized by Parle Products on Instagram with the caption "Sweetening relationships since 1983."
Global reach
Melody already exported to 100 countries: Parle Products
In an interview with CNBC-TV18, Mayank Shah, Vice President of Parle Products, said that Melody is already exported and available in 100 countries. He added that PM Modi's gesture was a nice way of promoting Indian products on a global stage. "We expect a lot of traction in domestic and international sales," Shah further said.
Shares
Parle Industries shares surge over 21%
The 'Melody' moment also came amid speculation that Parle Products was in early-stage talks for a potential initial public offering (IPO). However, the firm's management told CNBC-TV18 that it is not considering listing on exchanges right now. Meanwhile, shares of Parle Industries have surged over 21% since the viral 'Melody' moment, hitting an upper circuit at ₹6.06 per share today, with a market capitalization of nearly ₹30 crore.