Summary : Heritage Foods, a company founded by N. Chandrababu Naidu, has experienced a significant stock surge following the electoral success of his party, the Telugu Desam Party (TDP). The share price increased by 55% over five days, boosting the wealth of Naidu’s wife, Nara Bhuvaneshwari, by ₹535 crore, and his son, Nara Lokesh, by ₹237.8 crore. This financial gain coincides with TDP winning 16 out of 17 contested Lok Sabha seats, contributing to the National Democratic Alliance’s (NDA) overall victory.
New Delhi: In a remarkable financial turn, the shares of Heritage Foods, a company founded by former Andhra Pradesh Chief Minister N. Chandrababu Naidu, have soared following the electoral success of his party, the Telugu Desam Party (TDP). This surge has significantly boosted the wealth of Naidu’s family, particularly his wife, Nara Bhuvaneshwari, and his son, Nara Lokesh.
On June 3, hours before the election results were announced, Heritage Foods’ stock was trading at ₹424. As of today, the share price has skyrocketed to ₹661.25, marking a 55% increase over just five days. This dramatic rise has resulted in an impressive ₹535 crore gain for Nara Bhuvaneshwari, a key promoter and top shareholder in the company, who holds 2,26,11,525 shares.
Chandrababu Naidu established Heritage Foods in 1992, and the company has since grown into a significant player in the Indian market, with operations spanning dairy and renewable energy sectors. Heritage Foods’ products have a substantial presence in multiple states, including Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharashtra, Odisha, NCR Delhi, Haryana, Rajasthan, Uttarakhand, and Uttar Pradesh.
The political victory for TDP appears to have acted as a catalyst for the company’s stock surge. The TDP won 16 out of the 17 Lok Sabha seats it contested and played a crucial role in the National Democratic Alliance (NDA) securing a victory in the national elections. The NDA won 293 seats in the 543-member Lok Sabha, although the Bharatiya Janata Party (BJP), which had enjoyed a majority in the previous terms, managed to secure only 240 seats, falling short of the 272 needed to form a government independently.
Nara Lokesh, Naidu’s son, has also benefited from the stock’s meteoric rise. Holding 1,00,37,453 shares of Heritage Foods, his net worth increased by ₹237.8 crore, further underscoring the financial implications of the TDP’s electoral performance on the family’s wealth.
This financial uptick for Heritage Foods highlights the intertwined nature of business and politics in India, where electoral outcomes can have substantial impacts on market dynamics and personal fortunes.
Last Updated on: Saturday, June 8, 2024 3:21 am by The Weekly News Team | Published by: The Weekly News Team on Saturday, June 8, 2024 3:21 am | News Categories: News
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