A packet of caramel toffees gifted by Indian Prime Minister Narendra Modi to his Italian counterpart sent shares of a tiny software company soaring on Wednesday.
Parle Industries Ltd.’s shares surged 5 per cent, the most in two months, after traders appeared to mistake the company for Parle Products Pvt. — the unlisted maker of Melody candies and the popular Parle-G biscuits in India.
The confusion was triggered after Giorgia Meloni posted a video of Modi gifting her a packet of Melody, reviving the long-running ‘Melodi’ social media meme coined by blending the names of Modi and Meloni.
“No doubt this is a case of mistaken identity,” said Arun Kejriwal, founder of Kejriwal Research & Investment Services. “We are a market where retail participation has continued to grow and small investors are now a force. But unfortunately, many of them keep falling for misinformation.”
The thinly traded stock not only reversed losses but surged by its daily limit, with more than 800,000 shares changing hands. Valued at little below $3 million, Parle Industries has nine employees, and sells ERP software and services to companies. Its shares are down more than 40 per cent this year.
Representatives at Parle Industries and Parle Products couldn’t be immediately reached for comments. Earlier on Wednesday, Modi posted pictures of his visit to the iconic Colosseum in Rome along with Meloni.
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