Modi’s Rome toffee gift sends traders into wrong Parle stock

Prime Minister Narendra Modi handed Italy’s prime minister a pack of Melody toffees during a visit to Rome. On Tuesday, shares of Mumbai-listed Parle Industries rose 5% to ₹5.25 after trading activity increased around the Parle name.

The social media shorthand “Melodi” first gained attention after an image of the Italian leader with Modi at COP28 in Dubai in December 2023. The tag resurfaced when the Italian premier later posted a short video on X, prompting renewed online references to the Melody confectionery and its jingle.

Orders routed to Parle Industries reflected interest tied to the Melody name. There was no corporate announcement from the company that makes the toffees.

Parle Industries is listed on Indian exchanges and operates in infrastructure and real estate. The company changed its name from Parle Software Ltd. in September 2019. It was incorporated in 1983 and was a wholly owned subsidiary of Parle Bisleri Ltd. until the 1999–2000 financial year.

The maker of Melody toffees is Parle Products Pvt. Ltd., a privately held confectionery company that is not listed on any stock exchange. The Parle brand originated with a Chauhan family business founded in 1929 and later split into separate groups, including Parle Products, Parle Agro and Parle Bisleri, which now operate independently.

Price data show the listed Parle’s share rise occurred without any link to the privately held confectionery business. The episode highlighted that stocks with similar names can attract orders tied to brand references on social platforms rather than to company announcements or filings.