Following thumping victory in the state in the Lok Sabha and Andhra Assembly elections, a company founded by Telugu Desam Party (TDP) supremo, Heritage Foods, has witnessed substantial growth in markets. The company’s shares surged by 55 per cent over the past five days, resulting in a significant increase of Rs 535 crore in the wealth of Naidu’s wife, Nara Bhuvaneshwari, who holds a promoter position in the company.
On June 3, just before the election results were announced, Heritage Foods’ shares were trading at Rs 424. Today, they stand at Rs 661.25, marking a 52-week high. Its 52-week low was Rs 207.
Established by Chandrababu Naidu in 1992, Heritage Foods is described on its website as one of India’s fastest-growing publicly listed companies. It operates in two main divisions: dairy and renewable energy.
Presently, the company’s milk and milk products are widely distributed across Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharashtra, Odisha, NCR Delhi, Haryana, Rajasthan, Uttarakhand, and Uttar Pradesh.
Nara Bhuvaneshwari holds the largest stake in the company, possessing 2,26,11,525 shares, as per BSE data. Naidu’s son, Nara Lokesh, also owns 1,00,37,453 shares of Heritage Foods, reports NDTV.
With the surge in stock prices, Lokesh’s net worth has also increased by Rs 237.8 crore.
This rapid rise in share value commenced shortly after the Lok Sabha election results began to unfold on June 4. TDP’s victory in 16 out of the 17 seats it contested played a significant role in the NDA’s overall success in the elections.
Not just Chandrababu’s family, Amravati also benefitted
Following the election results, Amravati, capital city of Andhra Pradesh, situated at the heart of the state in Guntur district, has also witnessed a massive jump in real estate prices with an increase ranging from 50 per cent to 100 per cent within a mere three day, according to The Times of India.
Citing insights from prominent real estate developers and brokers, a report by FE highlighted that land prices have doubled over the past week, while existing projects have seen a rise in prices by 10-20 per cent.