Parle Stock Soars 15% in Three Days Amid 'Melody' Buzz

Melody Mania Continues to Grip Dalal Street

The stock market in India is experiencing a phenomenon that shows no signs of slowing down - the "Melody" mania. Two days after Prime Minister Narendra Modi gifted a packet of Melody chocolates to Italian Prime Minister Giorgia Meloni during his visit to Rome, shares of Parle Industries, a company unrelated to the confectionery brand, continued to rally sharply.

On the Bombay Stock Exchange (BSE), Parle Industries shares hit the 5 percent upper circuit once again. This marks the second time the stock has achieved this milestone, further fueling speculation about the cause of the surge. With Friday's gain, the stock has surged more than 15 percent over the last three sessions since the Melody clip went viral online.

While the initial rally was seen as possible investor confusion, the continued buying in the unrelated company is increasingly being viewed as a meme-stock style frenzy. The rally has led to comparisons between the performance of Parle Industries and other companies.

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For context, Parle Industries Ltd was incorporated in 1983 as Express Bottlers Service Pvt Ltd and was later renamed Parle Software Ltd. Though it was originally promoted by the Parle-Bisleri group, the company now operates independently in sectors such as infrastructure, real estate and paper waste recycling. The company is set to announce its March quarter results on May 26, a development that will likely be closely watched by investors due to the Melody mania.

Parle Products, the maker of Parle-G biscuits and Melody candies, is a separate company founded in 1929 by the Chauhan family. It remains an unlisted and fully promoter-owned entity.