<p>Infrastructure and real estate development company Parle Industries Limited shares on Wednesday hit the 5 per cent upper circuit on the <a href="https://www.deccanherald.com/tags/bse">Bombay Stock Exchange</a> (BSE) after jumping to Rs 5.25 from the previous closing of Rs 5.</p><p>The rise in the stocks of namesake company, which has no connection with Parle Products that manufactures biscuits and confectioneries, comes after Prime Minister<a href="https://www.deccanherald.com/tags/pm%20modi"> Narendra Modi </a>gifted a packet of Parle-manufactured 'Melody' chocolates to Italian counterpart Giorgia Meloni during his bilateral visit to Rome.</p><p>Melody is made by Parle Products, the well-known FMCG company behind brands such as Parle-G, Monaco, KrackJack, Mango Bite and Poppins.</p><p>Parle Products is a privately held company and is not listed on the stock market.</p>.PM Modi's Italy visit at a glance: A selfie, Colosseum, car ride and an actual 'Melodi' moment.<p>The stock movement was sudden as it traded flat near Rs 4.84– Rs 5.00 for most of the morning session before spiking at around 12:30 pm as Meloni posted a now-viral clip featuring the Melody toffee She captionined it “Thank you for the gift”. </p>.<p><strong>When a joke moves a stock</strong></p><p>PM Modi, who is on the final leg of his five-nation tour, presented Meloni with Melody, the iconic Indian toffee, as a personal gift during their meeting in Rome.</p><p>The 5 per cent increase in Parle Industries was due to a supposed diplomatic gift. This is a reminder of how quickly viral news enforces retail market into action and how disconnected that action can be from the underlying business fundamentals of a company.</p><p>Dalal Street often reacts sharply to viral events, celebrity mentions or sudden public attention of listed companies. </p><p>Indian retail investors connected the dots within minutes. Melody is manufactured by Parle Products, but Parle Industries, a BSE-listed entity, saw the gain and and the stock was locked at its upper circuit.</p><p>The stock’s year range of Rs 4.11 to Rs 17.44 makes it volatile that comes with this territory.</p>
<p>Infrastructure and real estate development company Parle Industries Limited shares on Wednesday hit the 5 per cent upper circuit on the <a href="https://www.deccanherald.com/tags/bse">Bombay Stock Exchange</a> (BSE) after jumping to Rs 5.25 from the previous closing of Rs 5.</p><p>The rise in the stocks of namesake company, which has no connection with Parle Products that manufactures biscuits and confectioneries, comes after Prime Minister<a href="https://www.deccanherald.com/tags/pm%20modi"> Narendra Modi </a>gifted a packet of Parle-manufactured 'Melody' chocolates to Italian counterpart Giorgia Meloni during his bilateral visit to Rome.</p><p>Melody is made by Parle Products, the well-known FMCG company behind brands such as Parle-G, Monaco, KrackJack, Mango Bite and Poppins.</p><p>Parle Products is a privately held company and is not listed on the stock market.</p>.PM Modi's Italy visit at a glance: A selfie, Colosseum, car ride and an actual 'Melodi' moment.<p>The stock movement was sudden as it traded flat near Rs 4.84– Rs 5.00 for most of the morning session before spiking at around 12:30 pm as Meloni posted a now-viral clip featuring the Melody toffee She captionined it “Thank you for the gift”. </p>.<p><strong>When a joke moves a stock</strong></p><p>PM Modi, who is on the final leg of his five-nation tour, presented Meloni with Melody, the iconic Indian toffee, as a personal gift during their meeting in Rome.</p><p>The 5 per cent increase in Parle Industries was due to a supposed diplomatic gift. This is a reminder of how quickly viral news enforces retail market into action and how disconnected that action can be from the underlying business fundamentals of a company.</p><p>Dalal Street often reacts sharply to viral events, celebrity mentions or sudden public attention of listed companies. </p><p>Indian retail investors connected the dots within minutes. Melody is manufactured by Parle Products, but Parle Industries, a BSE-listed entity, saw the gain and and the stock was locked at its upper circuit.</p><p>The stock’s year range of Rs 4.11 to Rs 17.44 makes it volatile that comes with this territory.</p>
