Modi's 'Melodi' Magic In Italy Hits Dalal Street

By Mahima Katal

Italian Prime Minister Giorgia Meloni thanking Prime Minister Narendra Modi for gifting her “Melody” toffees during his Italy visit has triggered not just a social media frenzy around the viral “Melodi” meme, but also an unexpected rally on Dalal Street. Shares of Parle Industries surged sharply and hit the upper circuit after a video posted by Meloni showed Modi presenting her with the iconic Indian candy, reviving the popular “Melodi” wordplay coined during COP28 in Dubai in 2023.

In the now-viral video shared by Meloni on social media, the Italian premier is heard saying, “Prime Minister Modi brought as a gift, a very, very good toffee, Melody,” while Modi laughs beside her. The interaction instantly reignited the internet’s fascination with the chemistry between the two leaders, with memes, reels and posts flooding social media platforms. The hashtag “Melodi,” blending Modi and Meloni’s names, first gained popularity after Meloni shared a selfie with Modi during COP28 captioned, “Good friends at COP28.”

The viral moment also spilled into the stock market, where retail investors rushed to buy shares of Parle Industries despite the company having no direct connection to Melody toffees or Parle Products, the privately held FMCG giant that manufactures Melody candies along with brands such as Parle-G, Monaco, KrackJack and Hide & Seek. Market activity around the stock highlighted how viral social media moments increasingly influence retail investor sentiment.

Parle Industries, incorporated in 1983 as Express Bottlers Services Pvt Ltd before later being renamed Parle Software Ltd, currently operates independently in sectors such as infrastructure, real estate and paper waste recycling. Though originally promoted by the Parle-Bisleri group, the company today has no business association with the confectionery products manufactured by Parle Products.

Speaking to CNBC-TV18, Parle Products Vice President Mayank Shah described Modi’s gesture as “a nice way of pushing Indian products and giving them a global stage.” Shah said the company was thankful to the Prime Minister, noting that Melody toffees are already exported to more than 100 countries. He added that the viral moment is expected to further accelerate domestic and international sales of Parle Products. Shah also clarified that the company currently has no plans to list on stock exchanges and intends to remain privately held.

Prime Minister Modi is currently on the final leg of his five-nation tour covering the UAE, the Netherlands, Sweden, Norway and Italy from May 15 to 20. His visit to Italy, undertaken at Meloni’s invitation, focuses on strengthening bilateral cooperation in trade, defence, clean energy and technology. The two leaders have maintained close diplomatic engagement over the past few years, with Meloni also visiting India during the G20 Summit in 2023.