Chandrababu Naidu family's fortune up by Rs 856 crore as Heritage Foods stock soars 64% in 5 days
Heritage Foods has been in the thick of action with the stock gaining by over 64% or Rs 259 per share in five trading sessions. The rally in the stock price has boosted N Chandrababu Naidu's family fortune by Rs 858 crore.
On Friday, shares of Heritage Foods were locked in 10% upper circuit and hit a fresh 52-week high of Rs 661.75 on the BSE. On May 31, Friday (a day before the final phase of polling and exit polls) the stock had ended at Rs 402.80. Between Monday, June 3 and Friday June 7, the share price has seen an unbeaten rally.
Chief Minister-designate Chandrababu Naidu's family's total holding in the company stands at 35.71%, translating into 3,31,36,005 shares. With each share gaining by Rs 259, the total gains have mounted to Rs 858 crore.
Naidu’s son Nara Lokesh is a promoter of Heritage Foods with nearly 10.82% stake as of March 31, 2024, according to the shareholding data available on the BSE. The other promoters include Bhuvaneshwari Nara and Devaansh Nara, who hold 24.37% and 0.06% stake, respectively, in the company. While the former is the wife of Chandrababu Naidu, the latter is their grandchild. Nara Brahmani who holds 0.46% stake in Heritage Foods is the daughter-in-law.
The stock has been on an upward trend on Naidu’s sweeping win in the assembly elections. Naidu's Telugu Desam Party (TDP) in alliance with the Bharatiya Janata Party (BJP) and Pawan Kalyan's Jana Sena Party (JSP) clinched 165 out of 175 seats in the Andhra Pradesh assembly election, defeating YSRCP's Jagan Mohan Reddy.
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