A company founded by Chandrababu Naidu has made significant gains after his party TDP’s good performance in the Lok Sabha and Andhra Assembly elections. Shares of Heritage Foods have surged 55 per cent in the last five days, leading to an increase of = Rs 535 crore for Naidu’s wife Nara Bhuvaneshwari, who is a promoter in the company.
The stock was trading at ¥424 on June 3, hours before the election results were declared. Today, the share of Heritage Foods = 661.25.
Chandrababu Naidu founded Heritage Foods in 1992. The company’s website describes it as “one of the fastest growing publicly-listed companies in India”. They have two business divisions – dairy and renewable energy. At present, Heritage’s milk and milk products have market presence in Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharashtra, Odisha, NCR Delhi, Haryana, Rajasthan, Uttarakhand and Uttar Pradesh.
Nara Bhuvaneshwari is the top shareholder of the company with 2,26,11,525 shares, as per BSE data. Naidu’s son Nara Lokesh also owns 1,00,37,453 shares of Heritage Foods.
Following the rally in the stock, Mr. Lokesh’s net worth also increased by & 237.8 crore.
The momentum started with the results of the Lok Sabha elections on June 4. The TDP won 16 of the 17 seats it contested and played a key role in the NDA winning the elections.
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