New Delhi: Shares of Parle Industries hit the 5 per cent upper circuit on Wednesday after Italian Prime Minister Giorgia Meloni shared a post revealing that Prime Minister Narendra Modi had gifted her a packet of “Melody” toffees during his visit to Rome.
The development triggered confusion among investors, although Parle Industries has no connection with the company that manufactures Melody toffees.
“Melody” is produced by Parle Products, a Mumbai-based FMCG company known for products such as Parle-G, Monaco, Hide & Seek and Mango Bite. Parle Products is a privately held company and is not listed on the stock market.
Meanwhile, Parle Industries is a BSE-listed company engaged in infrastructure and real estate development. The company is also involved in the trading of paper, paper waste and recycling-related products.
According to NDTV reports, Parle Industries was once a wholly owned subsidiary of Parle-Bisleri Limited until 1999-2000. However, it is no longer associated with the Parle or Bisleri group.
At present, the company functions as a subsidiary of Fortune Point Exports Private Limited.
The stock movement came shortly after social media discussions around the “Melody” gift gained traction online.
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