Parle Industries hits 5% upper circuit on 'Melodi' meme—but it doesn't make Melody
Shares of micro-cap Parle Industries locked in 5% upper circuit at Rs 5.25 after PM Modi gifted Melody toffees to Italy's PM Meloni, reviving the 'Melodi' meme. Volumes spiked to 8.57 lakh shares (Rs 44.12 lakh turnover) on a Rs 25.64 crore m-cap. Catch: Melody is made by unlisted Parle Products—a name-confusion rally, not a fundamentals trade.
Parle Industries shares hit 5% upper circuit after PM Modi gifted Melody toffees to Italian PM Meloni, reviving the 'Melodi' meme. However, Melody is made by unlisted Parle Products, not the listed Parle Industries—a misidentification-driven rally.