After Prime Minister Narendra Modi gifted a packet of the iconic Melody candy to Italian Prime Minister Giorgia Meloni, the light-hearted diplomatic gesture created an unexpected buzz on the Dalal Street. The "chocolaty" moment triggered a rally in Parle Industries shares, which got locked in at the upper circuit within minutes of the social media post.
The viral “Melodi” meme, a long-running internet reference to the camaraderie between PM Modi and PM Meloni, appeared to spill over into market sentiment as traders rushed to the beaten-down stock. Shares of Parle Industries, which had remained under pressure for months, got a sweet boost amid the social media frenzy after the much-talked-about gesture.
PM Modi In Italy
PM Modi is in Italy for the final leg of his five-nation tour and was welcomed in Rome on May 19 by his Italian counterpart Giorgia Meloni, whom he has often referred to as a “friend”.
Meetings between Modi and Meloni frequently generate buzz on social media, with the two leaders often sharing selfies and light-hearted moments online that quickly go viral. Riding on the popularity of the internet trend, the “Melodi” acronym, coined by combining the surnames of Meloni and Modi, has become a widely used social media reference to their warm diplomatic camaraderie.
Taking to X (formerly Twitter), PM Meloni shared the viral moment and wrote, "Thank you for the gift".
Parle Industries Share Price Hits Upper Circuit
Parle Industries' shares jumped 5 per cent to Rs 5.25 per share from Rs 5 apiece on the BSE. The troubled company's shares are down over 82 per cent since its January 2025 high.
However, the rally appeared to be driven more by sentiment and name association than fundamentals. The Parle Industries stock that is listed on the BSE has no connection with the confectionery brand or Parle Products, the maker of Melody chocolates.
The listed entity, Parle Industries Ltd, is primarily engaged in businesses such as real estate and paper waste recycling.
This is a developing story... Stay tuned
