Case of mistaken identity? Parle Industries’ shares rise 5% after ‘Melody moment’

Key points

• (Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own.
• These opinions do not represent the views of The Times of India.) Parle Industries shares surged 5% on Tuesday and hit the upper circuit limit.
• During intraday trading on the BSE, the stock advanced 5% to Rs 5.25 as investors appeared to respond to the viral “Melody” exchange involving PM Narendra Modi and Italian Prime Minister Giorgia Meloni.
• However, interestingly the listed company that witnessed the rally is not associated with the Melody candy brand.Melody toffees are produced by Parle Products, the company known for Parle-G biscuits and a range of confectionery items.
• Parle Industries, meanwhile, is engaged in businesses such as infrastructure, real estate and paper waste recycling.The widespread online attention surrounding the gift exchange seemingly led to speculative activity in the stock, despite there being no...