Wrong Parle Stock Jumps 15% In Three Consecutive Sessions

The stock of Parle Industries hit upper circuit for the third consecutive day. The rally has been seen in the stock since Prime Minister Narendra Modi gifted a packet of Melody toffees to his Italian counterpart Giorgia Meloni on Wednesday.

Melody toffee is manufactured by Parle Products, an unlisted FMCG company unrelated to Parle Industries, whose stock has been witnessing a buying spree since Wednesday.

The stock of Parle Industries, a real estate and infrastructure company, on Friday opened at Rs 5.78, which was a gain of 5 percent, hitting its upper circuit.

Since then, the stock has continued to trade at that level.

On Thursday, the stock had closed at Rs 5.51 apiece. Since Wednesday, the stock has surged over 15 percent after hitting upper circuit for three consecutive sessions.

The rally is being seen despite Parle Industries being unrelated to Parle Products. While the former is listed on the stock market, the latter is privately held and has no plans to go public.

Speaking about the company’s future plans, Parle Products’ vice president and chief marketing officer, Mayank Shah, had said that Parle was a privately held company and wanted to remain so.

The company is not planning to get listed on the stock exchanges. “We are not considering listing right now. We prefer to remain private,” Shah said.

However, Shah thanked PM Modi for giving a global platform to its product.

Shah praised the Prime Minister’s way of promoting Indian products at the global level in an interesting manner.

“This is a nice way of promoting Indian products and giving them a global stage,” Shah said while speaking to a media platform.

Shah thanked PM Modi for giving the company such recognition. He added that Melody toffees are exported to over 100 countries.

Meanwhile, the benchmark indices also traded over 0.5 percent higher on Wednesday as crude oil prices eased further and diplomatic efforts between the US and Iran gained pace.