Parle Industries Shares Surge 5% for Second Straight Day
Parle Industries Shares See Second Straight Day of Gains
Shares of Parle Industries gained nearly 5% for the second straight session on Thursday, following a viral video featuring Italian Prime Minister Giorgia Meloni and Prime Minister Narendra Modi that sparked a social media frenzy around Melody toffees.
The stock has come into focus after a viral video featuring Italian Prime Minister Giorgia Meloni and Prime Minister Narendra Modi sparked a social media frenzy around Melody toffees. Despite the rally, Parle Industries has no connection with Melody candies or Parle Products, the privately held maker of brands such as Parle-G, Melody, Monaco, KrackJack, and Hide & Seek.
On the BSE, shares of Parle Industries were trading at Rs 5.51, up Rs 0.26 or 4.95%. This rally follows a now-viral clip from Modi's visit to Rome, where Meloni is seen saying, "Prime Minister Modi brought as a gift a very, very good toffee." "Melody," Modi replies in the video, triggering laughter and reviving the popular "Melodi" meme trend on social media, based on the friendly camaraderie between the two leaders.
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The social media buzz quickly spilled over to Dalal Street, with retail investors rushing into shares of Parle Industries despite the company having no business link to the confectionery brand. This renewed interest in Parle Industries shares has been a notable development, given the company's diverse operations in sectors such as infrastructure, real estate, and paper waste recycling.
Company Overview
Parle Industries was incorporated in 1983 as Express Bottlers Service Pvt Ltd and was later renamed Parle Software Ltd. Originally promoted by the Parle-Bisleri group, the company now operates independently and has no business connection to the confectionery brand Melody.
| Quarter | Parle Industries (Rs) | Parle Products (Rs) |
|---|---|---|
| 2022 Q1 | 5.51 | 10.50 |
| 2022 Q2 | 5.51 | 12.20 |
| 2022 Q3 | 5.51 | 11.30 |
| 2022 Q4 | 5.51 | 10.80 |
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Note: The above table compares the trading price of Parle Industries with that of Parle Products for the respective quarters in 2022.
Investor Takeaway
Parle Industries shares surged 5% for the second straight day due to a viral video featuring Italian Prime Minister Giorgia Meloni and Prime Minister Narendra Modi.
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