Parle Industries' shares turn sweet; hit upper circuit amid 'Melody' frenzy

Shares of Parle Industries Ltd saw frenzied buying on Wednesday, surging 5 per cent to hit the upper circuit limit, thanks to a sudden investor interest in the stock after Italian Premier Giorgia Meloni posted a video of Prime Minister Narendra Modi gifting her a packet of Melody toffees.

The company's stock had a muted beginning to the trade but came into the limelight soon after Meloni shared a video in which she could be heard saying, ''Prime Minister Modi brought as a gift, a very, very good toffee -- Melody.''.

Investors wasted no time and flocked to the counter to buy the stock.

Shares of the firm jumped 5 per cent to Rs 5.25 -- the highest trading permissible limit for the day -- on the BSE. On volume terms, 8.57 lakh shares of the firm were traded on the BSE during the day.

But, there is a catch!.

Investors mistook Parle Industries for the maker of Melody toffees.

Parle Products, the FMCG major, is the manufacturer of Melody toffees and is not listed on the stock exchanges.

The other famous brands of Parle Products are Parle-G, Monaco, KrackJack, Hide & Seek, Kaccha Mango Bite, among others.

Parle Industries Ltd is a diversified commercial services provider, engaged in the business of infrastructure & real estate, and paper, waste paper and allied products.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)