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Parle Industries shares jumped sharply following the recent visit of Indian Prime Minister Narendra Modi to Italy. The PM presented a pack of Melody toffees to Italian PM Giorgia Meloni, reigniting the viral 'Melodi' internet meme trend.
During intraday trading, the stock jumped by about 5% as social media users posted videos of Modi gifting Melodi to PM Meloni. The latter appreciated the toffee and said it was a 'very, very good toffee.'
The Melodi toffees mentioned on social media are manufactured by ‘Parle Products,’ an unlisted FMCG company. It turns out that Parle Industries, whose shares surged, has nothing to do with the candy brand.
Many retail investors mistakenly associated the word 'Parle' with the viral Melodi trend and bought into the listed stock. The sudden rally in Parle's stock appears to have been largely driven by confusion about the brand name.
Parle Industries is an Indian company that deals primarily in sectors like infrastructure, recycling, paper trading, and real estate. The stock has faced challenges and has been in a downtrend over the past year.
Parle’s stock surge is another reminder that trading in the stock market is increasingly influenced by social media trends and viral moments more than ever before. Small, cheap stocks suddenly spike as investors connect trending news or popular brands to publicly traded companies with similar names.
The Melody Toffee viral moment quickly reignited the long-running ‘Melodi’ meme trend across social media. PM Modi’s Melody gift added another layer to that viral internet culture and unexpectedly created a fresh rally on Dalal Street.
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