Chandrababu Naidu's family experiences a surge in wealth as Heritage Foods stocks soar amidst the TDP's electoral success.
In the aftermath of the recent electoral victories for Chandrababu Naidu’s Telugu Desam Party (TDP), a surge in wealth has been noted for his family members, particularly his wife, Nara Bhuvaneshwari, and son, Nara Lokesh.
The focal point of attention is Heritage Foods, a company established by Chandrababu Naidu in 1992. Post the TDP’s remarkable performance in both the Lok Sabha and Andhra Pradesh assembly elections, the stocks of Heritage Foods experienced a remarkable upswing. Within just five days, the shares of Heritage Foods surged by a staggering 55 per cent, significantly enhancing the company’s value and subsequently augmenting the fortunes of Naidu’s kin.
Before the announcement of election results on June 3, Heritage Foods’ stock was trading at ₹424. However, within a span of five days, it soared to ₹661.25. This unprecedented spike translated into a substantial increase of ₹579 crore in wealth for Nara Bhuvaneshwari, a major stakeholder in the company.
Nara Bhuvaneshwari, identified as the top shareholder of Heritage Foods, holds a significant stake of 2,26,11,525 shares, according to BSE data. Additionally, Naidu’s son, Nara Lokesh, also holds a substantial number of shares in the company, amounting to 1,00,37,453 shares.
The surge in stock value didn’t solely benefit Bhuvaneshwari. Nara Lokesh witnessed a remarkable increase of ₹237.8 crore in his net worth, a direct consequence of the meteoric rise in Heritage Foods’ shares.
The genesis of this financial windfall can be traced back to the announcement of Lok Sabha election results on June 4. TDP, contesting 17 seats, secured victories in 16, contributing significantly to the National Democratic Alliance’s (NDA) triumph in the polls. Although the Bharatiya Janata Party (BJP) fell short of its previous majority, securing only 240 seats out of 543, the NDA emerged victorious with 293 seats.
Heritage Foods, with its operations spanning across dairy and renewable energy sectors, boasts a considerable market presence across several states in India. Its dairy products enjoy popularity in Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharashtra, Odisha, NCR Delhi, Haryana, Rajasthan, Uttarakhand, and Uttar Pradesh.
The surge in Heritage Foods’ stocks, coinciding with the political fortunes of Chandrababu Naidu’s party, underscores the intricate interplay between business and politics in India’s dynamic socio-economic landscape. As the electoral fervor subsides, the implications of this financial boom for Naidu’s family and Heritage Foods warrant close scrutiny amidst the broader discourse on political economy and corporate governance.
Last Updated on: Saturday, June 8, 2024 11:19 am by Indian News Bulletin Team | Published by: Indian News Bulletin Team on Saturday, June 8, 2024 11:19 am | News Categories: Politics
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