Stock Of Parle Products’ Namesake Company Hits Upper Circuit After PM Modi Gifts Melody To Giorgia Meloni

While the benchmark indices were showing a weak trend on Wednesday, an unexpected rally came in the stock of Parle Industries after Prime Minister Narendra Modi’s Melody toffee gift went viral on social media.

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But there is one catch: Parle Industries has nothing to do with Melody toffee. It is actually FMCG major Parle Products that manufactures the now-viral Indian candy.

Parle Industries, whose stock hit the upper circuit on Wednesday, operates in the real estate, infrastructure, and paper waste management sectors.

‘Internet Breaking Moment’: Parle Reacts To PM Modi’s Melody Gift To Giorgia Meloni

Parle Industries is not related to Parle Products. While the former is listed on the stock market, the latter is privately held and has no plans to go public.

Within half an hour of Italian Prime Minister Giorgia Meloni posting the video in which PM Modi is seen gifting Melody toffees to her, the stock of the namesake company hit the upper circuit on the bourses.

The stock had opened marginally lower at Rs 4.95 compared to the previous close of Rs 5 apiece. It later surged to Rs 5.25 apiece to hit the upper circuit with a gain of 5 percent.

On the other hand, Parle Products, the actual manufacturer of Melody toffee, is not listed on the bourses.

PM Modi-Meloni Moment Brings Parle Melody Into Global Spotlight; Know More About The Iconic Toffee's Origin & History

Speaking about the company’s future plans, Parle Products’ vice president and chief marketing officer, Mayank Shah, said that Parle is a privately held company and wants to remain so.

The company is not planning to get listed on the stock exchanges. “We are not considering listing right now. We prefer to remain private,” Shah said.

However, Shah thanked PM Modi for giving a global platform to its product.

Shah praised the Prime Minister’s way of promoting Indian products at the global level in an interesting manner.

“This is a nice way of promoting Indian products and giving them a global stage,” Shah said while speaking to a media platform.

Shah thanked PM Modi for giving the company such recognition. He added that Melody toffees are exported to over 100 countries.

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