Social media was flooded once again with “Melodi” memes — a blend of the names Meloni and Modi — following a meeting in Rome between Italian Prime Minister Giorgia Meloni and Indian Prime Minister Narendra Modi.
This time, however, Modi himself joined the joke by presenting Meloni with a packet of “Melody” toffees, the popular chocolate-caramel candy produced by India’s Parle Products.
Within minutes of Meloni sharing a video of the gift online, an unusual development unfolded on Dalal Street, India’s financial hub. Investors began searching for “Parle” on the Bombay Stock Exchange (BSE) terminal and rushed to buy shares associated with the name.
But there was one major problem: the company whose shares investors were buying — Parle Industries — has no connection to Melody toffees or the food and snack business. The firm primarily operates in infrastructure, real estate, paper, and recycling products.
The actual manufacturer of Melody candy is Mumbai-based FMCG giant Parle Products, known for brands such as Parle-G, Monaco, Hide & Seek, and Mango Bite. However, Parle Products is not listed on the stock market, meaning its shares are not publicly traded.
In the rush driven by viral social media buzz, many investors mistakenly purchased shares of the similarly named Parle Industries.
At a time when global concerns over the Iran conflict were dragging down broader markets, Parle Industries witnessed the exact opposite trend. Within an hour of the “Melody” video going viral, the company’s share price surged by 5 percent — rising from Rs 4.95 to Rs 5.25 — despite the absence of any major business performance or fresh purchase orders.
The sudden rally came as a surprise for a company whose stock had declined by nearly 68 percent over the past 12 months. On Wednesday, however, a diplomatic gift and a viral nickname unexpectedly revived investor interest — all triggered by a one-rupee candy.
Source: NDTV