Shares of Parle Industries Ltd surged 5 per cent to lock in the upper circuit even as benchmark indices remained volatile. The counter opened in the red at Rs 4.95, down from the previous close of Rs 5 on the BSE. However, it picked up momentum after 12 noon, amid a spurt in trading volume of more than 3.06 times, and was locked in a 5 per cent upper circuit. This surge came after Italian Premier Giorgia Meloni shared a video in which she thanked Prime Minister Narendra Modi for gifting her 'Melody' toffees. Manufactured by Parle Products, it features a dual-layer design - a chewy caramel exterior with a rich, molten chocolate centre. Parle Products has no connection with the listed company, Parle Industries, whose stock witnessed strong buying interest.
This apparently happened because Parle Industries was the only stock they could find after Meloni's video went viral on social media.
Parle Products, the Mumbai-based FMCG major, manufactures products such as Parle-G, Monaco, Hide & Seek, Mango Bite, and more. But it is a privately held company and is not listed on the stock exchange. Parle's iconic Melody toffee was introduced in 1983.
PM Modi is on the final leg of his five-nation tour to the UAE, the Netherlands, Sweden, Norway and Italy from May 15-20. He is visiting Italy at Meloni's invitation to further strengthen bilateral cooperation in areas such as trade, defence, clean energy and technology. The two leaders have maintained close engagement in recent years, with Meloni also visiting India for the G20 Summit in 2023.
Parle Industries Share Price History
The stock surged amid social media buzz, but it remained under pressure over the longer term. According to BSE Analytics, the stock has gained just 3.96 per cent in one month and has corrected 35.02 per cent in three months.
What does Parle Industries do?
Parle Industries primarily operates in the real estate, infrastructure, and paper waste recycling businesses. While it previously had ties to the Parle-Bisleri Group, it no longer has any ownership relationship with that group.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
