Prime Minister Narendra Modi's gift of Melody toffees to Italian counterpart Giorgia Meloni during his official trip to Italy sent the stock of Parle rallying. However, it was the wrong Parle that saw its stocks rising, as retail investors rushed to buy shares of Parle Industries, a company specializing in real estate, infrastructure building, and waste management and recycling.
Parle Industries' share price hit a 5% upper circuit on Wednesday, with the small-cap penny stock rallying 5% to ₹5.25 apiece on the BSE. The rally was backed by heavy volumes, with around 8 lakh equity shares of Parle Industries changing hands on stock exchanges.
However, it was Parle Products, the FMCG company behind popular brands like Parle-G, Monaco, Hide & Seek, and Mango Bite, that actually manufactured the Melody toffees gifted by Modi to Meloni. Mayank Shah of Parle Products told CNBC-TV18 that the gift has helped place Indian products on a larger global stage.
