Parle Industries’ stock increased by about 5% for a second straight session on Thursday, building on gains made during the previous trading session when the stock was wrongly associated to the well-known Melody toffee brand due to a social media-driven rise.
Following a viral video of Giorgia Meloni and Narendra Modi, retail investor interest spiked, causing the stock to rise 4.95 percent to Rs 5.51 on the BSE.
Viral Modi-Meloni Video Triggers ‘Melody’ Buzz
A widely circulated video from Prime Minister Modi’s visit to Rome, in which Meloni is heard stating, “Prime Minister Modi brought as a gift a very, very good toffee,” set off the rally.
Modi responds, “Melody,” which makes people giggle and rekindles the well-liked “Melodi” meme trend on social media. Online conversations on Melody’s famous “very, very chocolaty” advertising phrase were also rekindled by the exchange.
Retail Investors Mistakenly Link Parle Industries to Melody Brand
Retail investors flocked to Parle Industries shares despite the company’s unrelatedness to Melody confectionary items as the social media buzz swiftly spread to the stock market.
Parle Products, a privately held company that produces popular brands like Parle-G, Monaco, KrackJack, and Hide & Seek, is the manufacturer of Melody.
Parle Industries Clarifies No Connection With Melody
Parle Industries made it clear that it has no operational or commercial ties to Parle Products or the Melody brand through its company history and business profile.
The business was founded in 1983 under the name Express Bottlers Service before changing its name to Parle Software. Although the Parle-Bisleri group initially supported it, it currently operates on its own and has commercial interests in real estate, infrastructure, and recycling paper waste.
Social Media Trends Continue Influencing Retail Trading
The episode demonstrates how, even in cases when there is no underlying corporate connection to the event garnering public attention, social media trends and retail investor enthusiasm may occasionally cause rapid swings in lesser-known equities.
