Shares of Parle Industries Ltd climbed on Wednesday after Prime Minister Narendra Modi gifted a packet of Melody toffees to Italian counterpart Giorgia Meloni during his Italy visit, bringing back the viral 'Melodi' trend on social media.

The penny stock jumped 5 per cent to its upper price band of Rs 5.25 on BSE and witnessed heavy trading activity. Around 8.57 lakh shares changed hands on the counter, sharply higher than the two-week average volume of 2.80 lakh shares. Turnover stood at Rs 44.12 lakh, while the company's market capitalisation (m-cap) came in at Rs 25.64 crore.

However, there is a key detail investors should note: Parle Industries does not manufacture Melody toffees.

Who actually makes Melody?

Melody is produced by Parle Products, the privately held FMCG (fast-moving consumer good) giant known for brands such as Parle-G, Monaco, KrackJack, Mango Bite and Poppins.

Parle Products is currently not listed on the stock exchanges.

Parle Industries, on the other hand, is a separate listed entity on BSE and has no direct business link with Melody candies.

The sharp rally appears to have been driven by retail investor enthusiasm after many associated the listed company's 'Parle' name with the viral Melody moment.

What sparked the rally?

The trigger was a light-hearted video featuring PM Modi and Giorgia Meloni that quickly gained traction online.

In the clip, he was seen gifting Melody candies to Meloni, a gesture that many on social media linked to the viral '#Melodi' trend associated with the two leaders.