Shares of Heritage Foods, a ‘TDP’ stock, continued their upward trajectory, hitting an upper circuit for another trading session. The stock has witnessed a notable rally in the last three sessions, surging over 43 percent, while demonstrating an impressive gain of more than 55 percent over the past 10 days.
Founded in 1992 by TDP Chief Chandrababu Naidu, the Heritage Group operates across three business divisions – dairy, retail, and agribusiness – under its flagship company Heritage Foods. According to an exchange filing by the company, Nara Lokesh, son of N Chandrababu Naidu, is one of the promoters of Heritage Foods.
On Thursday, shares of Heritage Foods soared over 10 percent to Rs 601.60, marking an upper circuit for the second consecutive session and commanding a market capitalization of over Rs 5,500 crore. The stock settled at Rs 546.95 on Monday, witnessing a 20 percent surge for the day. The BSE revised the circuit filter for the company.
Heritage Foods introduced a new range of pure ghee laddus under the brand name ‘Truly Good’. The Andhra Pradesh-based food company also has a presence in the cattle feed business through its subsidiary, Heritage Nutrivet Limited (HNL).
Over the past month, Heritage Foods’ shares have surged more than 89 percent, nearly doubling investors’ wealth over the past year. In the year 2024, the stock has witnessed a remarkable surge of over 150 percent, nearly tripling in value over the last year.
Investor interest in Heritage Foods’ shares intensified after it became evident that Telugu Desam Party (TDP) leader Chandrababu Naidu is likely to become the new Chief Minister of Andhra Pradesh following the recently concluded assembly elections.
At the end of the March quarter, Heritage Foods’ promoter stake stood at 41.30 percent, with Nara Chandrababu Naidu, the wife of Chandrababu Naidu, holding a key stake of 24.37 percent in the company.
Nara Lokesh, son of N Chandrababu Naidu, is also a promoter of Heritage Foods, holding a 10.82 percent stake as of March 31. Additionally, Nara Brahmani, Naidu’s daughter-in-law, held a 0.46 percent stake, while grandson Deevansh Nara held a 0.06 percent stake in Heritage Foods.
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