With the Lok Sabha Elections 2024 results out, shares of the company founded by TDP supremo N Chandrababu Naidu skyrocketed recently. The shares of Hyderabad-based Heritage Foods peaked 55 per cent in the past five days resulting in a rise of Rs 535 crore for Naidu's wife Nara Bhuvaneshwari— who is a promoter in the firm.
Nara Bhuvaneshwari is the top shareholder of the company and holds 2,26,11,525 stocks, as per excerpts of BSE quoted by NDTV. Naidu's son Nara Lokesh also holds 1,00,37,453 shares of Heritage Foods. After the stock peaked, Lokesh's net worth also jumped by Rs 237.8 crore.
Naidu is set to take oath as the chief minister of Andhra Pradesh for the the third consecutive time. Telugu Desam Party won 16 of the seventeen seats it contested in the recently concluded elections while being in alliance with the BJP and Jana Sena. TDP also stormed to victory in the assembly elections.
On June 3, the stock of Heritage Foods was trading at Rs 424, hours before the election results were to be announced. Five days later, on Saturday (June 8), the company's shares are priced at Rs 661.25.
Founded by Naidu in 1992, the website of Heritage Foods reads "one of the fastest growing public-listed companies in India". With two business verticals of dairy and renewable energy— the company currently produces milk and milk products with its presence in Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharashtra, Odisha, NCR Delhi, Haryana, Rajasthan, Uttarakhand and Uttar Pradesh.
As per the BSE data, Naidu's family owns 35.7 per cent stake in the company. His wife Bhuvaneswari owns a 24.37 percent stake while Naidu's son Lokesh and daughter-in-law Brahmani own 10.82 per cent and 0.46 per cent, respectively.
According to PTI, "At 11:27 am on June 12, Chandrababu Naidu will be sworn in as the Chief Minister at Kesarapalli IT Park near Gannavaram airport."
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Published 09 June 2024, 04:18 IST