5 months ago
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A company founded by Chandrababu Naidu has made significant gains after his party TDP performed well in the Lok Sabha and Andhra assembly elections. Shares of Heritage Foods have zoomed up 55 per cent in the last five days, leading to a rise of Rs 535 crore in Mr Naidu's wife Nara Bhuvaneshwari, who is a promoter in the company.
The stock was trading at Rs 424 on June 3, hours before the election results were announced. Today, the Heritage Foods share is at Rs 661.25.
Chandrababu Naidu founded Heritage Foods in 1992 and according to the company's website, is one of the fastest growing public-listed companies in India. They have two business divisions - dairy and renewable energy. Currently, Heritage's milk and milk products have a market presence in Andhra Pradesh, Telangana, Maharastra, Karnataka, Tamil Nadu, Kerala, Odisha, Delhi-NCR, Haryana, Uttarakhand, Rajasthan, and Uttar Pradesh.
Ms Nara Bhuvaneshwari is the top shareholder of the company and holds 2,26,11,525 stocks, according to BSE data. Mr Naidu's son Nara Lokesh also holds 1,00,37,453 shares of Heritage Foods.
After the stock shot up, Mr Lokesh's net worth also rose by Rs 237.8 crore.
The meteoric rise began soon after the Lok Sabha election results started coming out on June 4. TDP won 16 of the 17 seats that it contested, and was instrumental in the NDA winning the elections.
The NDA won 293 seats in the 543-member Lok Sabha. The BJP, which enjoyed a handsome majority in the previous two terms, secured only 240 seats, way behind the 272 mark needed to form a government.
All the key allies, including the TDP, today announced unequivocal support for Narendra Modi as the alliance's prime ministerial candidate. PM Modi will take oath in a grand ceremony on Sunday evening. Several South Asian leaders have been invited to the ceremony and Bangladesh PM Sheikh Hasina and Sri Lankan President Ranil Wickremesinghe have already confirmed their presence.
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