Modi's 'Melody' moment with Italian PM sparks Parle Industries rally
What's the story
Shares of Parle Industries have hit the upper circuit after Prime Minister Narendra Modi's gesture of gifting Melody toffees to Italian Prime Minister Giorgia Meloni during his Rome visit. The video of the moment went viral on social media, leading to speculative buying in Parle Industries. However, it's important to note that Melody candies are actually produced by a different company, Parle Products.
Market response
Parle Industries stock hits upper circuit
The stock of Parle Industries rose by 5% to ₹5.25 on the Bombay Stock Exchange (BSE) during intraday trade, as investors reacted to the viral "Melody" moment between Modi and Meloni. The company, which has no direct link with the Melody candy brand, operates in infrastructure development, real estate, and paper waste recycling businesses.
Diplomatic relations
India-Italy diplomatic ties strengthened
The Melody incident has further strengthened India-Italy diplomatic ties. The two countries are working on the India-Italy Joint Strategic Action Plan 2025-2029, focusing on investment, clean energy, defense cooperation, science and technology as well as people-to-people engagement.