In just 5 days, Chandrababu Naidu's wife's wealth soars to ₹ 535 crore, while his son gains ₹ 237 crore.
Just hours before the results of the election were declared on June 3, the shares of Heritage Foods was trading at ₹ 424. The Heritage Foods share is currently valued at ₹ 661.25.
New Delhi: After Chandrababu Naidu's TDP did well in the Lok Sabha and Andhra assembly elections, the company he started has seen substantial growth. In the previous five days, Heritage Foods' shares have surged by 55%, giving Mr. Naidu's wife Nara Bhuvaneshwari—a promoter in the company—a increase of ₹ 535 crore.
On June 3, only hours before the election results were declared, the stock was trading at ₹ 424. The Heritage Foods share is currently valued at ₹ 661.25.
In 1992, Chandrababu Naidu established Heritage Foods. It is referred to as "one of the fastest growing public-listed companies in India" on their website. They operate in two business segments: renewable energy and dairy. Heritage's milk and milk-related goods currently have a
market presence in Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharashtra, Odisha, NCR Delhi, Haryana, Rajasthan, Uttarakhand and Uttar Pradesh.
Based on BSE data, Nara Bhuvaneshwari is the company's largest shareholder, owning 2,26,11,525 shares. Additionally, Nara Lokesh, the son of Mr. Naidu, owns 1,00,37,453 shares in Heritage Foods.
With the stock rising sharply, Mr. Lokesh's net worth experienced a ₹ 237.8 crore surge.
The rapid ascent started shortly after the results of the Lok Sabha election were made public on June 4. The TDP played a key role in the NDA's election victory, taking 16 of the 17 seats it ran for.
In the 543-member Lok Sabha, the NDA secured 293 seats. Even though it had a comfortable majority in the last two administrations, the BJP only managed to gain 240 seats, well short of the 272 required to form a government.
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