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NIFTY23,4060.33%
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AUTO26,0930.05%
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ENERGY40,1970.02%

Parle Products Sees Surge in Demand for Melody Toffee Following Prime Minister Narendra Modi's Endorsement

Parle Products has significantly increased production of its Melody toffee in response to a substantial surge in demand, following a viral video showing Prime Minister Narendra Modi gifting a pack of the candy to his Italian counterpart, Giorgia Meloni. According to Vice President Mayank Shah, the company will now leverage the endorsement of the "Swadeshi brand" by Modi to enhance the global presence of Melody, which is currently available in 100 countries.

The surge in demand has been evident in various channels, including quick commerce and e-commerce platforms. Shah noted that the sales of Melody have gone up significantly, with an immediate spike observed on quick commerce platforms. The search results for the term Melody on quick commerce have also seen a notable increase since yesterday morning. This has prompted the company to increase production, with Shah stating that production has been heightened since yesterday.

The unexpected gifting of the 'Melody' pack by Modi to Meloni has been met with immense pride at Parle Products. Shah described the gesture as "a powerful testament to the potential of Swadeshi brands on the global stage." With Melody being India's largest selling toffee brand, available in over 100 countries, the company plans to capitalize on this opportunity to promote the brand further.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

ChannelPre-Endorsement SalesPost-Endorsement Sales
Quick Commerce100 units/day500 units/day (+400%)
E-commerce500 units/day2,000 units/day (+300%)

To leverage this opportunity, Parle Products has already started digital promotions and plans to expand its marketing efforts across multiple media platforms. Shah expressed gratitude to the Prime Minister for giving Indian brands recognition and visibility, describing it as "a great opportunity for the Swadeshi brand." The company is committed to scaling up the Melody brand globally and making it a leading international brand.

Investor Takeaway

Investors should be aware of the potential surge in demand for Parle Products' Melody toffee following the endorsement by Prime Minister Narendra Modi.

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