‘Melodi’ fever has not just gripped social media; it has now spilled over into India’s stock markets, triggering a comedy of errors — courtesy of PM Modi’s now-viral video gifting Italian Prime Minister Giorgia Meloni a packet of “Melody” toffees.
Investors on Tuesday rushed to cash in on the newfound popularity of the iconic “chocolaty” candy, sending shares of Parle Industries soaring nearly 5 per cent despite the company having no connection whatsoever to the confectionery business.
The firm is actually involved in infrastructure development, real estate, waste management and recycling.
FMCG giant Parle, the maker of the 43-year-old “Melody” brand, is a privately held company and is not listed on the stock market.
Parle Industries, a small-cap firm, had seen its stock tumble roughly 35 per cent over the last three months, sliding from around Rs 8.08 to Rs 5.25, before unsuspecting investors arrived at the right time, but at the wrong place.
Small-cap companies are smaller, fast-growing businesses that can offer high returns but also carry financial risks. Social media users were quick to point out the mix-up, joking that PM Modi’s “power” was strong enough to boost the fortunes of a company not even linked to toffees.
The term “Melodi” — combining “Meloni” and “Modi” — first gained traction on social media, where users referred to the rapport between the two leaders during international summits and public appearances.