Parle Industries Shares Extend Gaining Streak to Fourth Consecutive Day Following Clarification on Melody Maker Controversy

Parle Industries Shares Surge 20% in Four Trading Sessions

On Monday, Parle Industries shares hit the 5 percent upper circuit limit for the fourth consecutive session, continuing to attract buying interest fueled by social media buzz surrounding 'Melody' candies.

The stock has gained nearly 20 percent over the last four trading sessions, following back-to-back upper circuits. As a result, the company's market capitalisation has risen to approximately Rs 30 crore.

Despite a clarification issued by Parle Products, the maker of Melody chocolate toffee, stating that it has no connection with Parle Industries, the rally in the stock persisted. Parle Products, a privately held FMCG company behind brands such as Parle-G, Melody, Monaco, KrackJack, and Hide & Seek, clarified that it is a separate entity from the listed company Parle Industries.

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Buying interest in the stock emerged after a viral video on social media showed Prime Minister Narendra Modi gifting 'Melody' candies to Italian Prime Minister Giorgia Meloni during his recent visit to Italy. Meloni later shared a video of their interaction on social media, further fuelling the social media buzz.

It is worth noting that Parle Industries has no association with Melody candies or Parle Products. The Mumbai-based company is engaged in infrastructure and real estate development, as well as managing paper waste recycling operations.

Note: The table above shows the stock performance of Parle Industries over the last four trading sessions and its current market capitalisation.

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