The political revival of Telugu Desam Party (TDP) and its chief Chandrababu Naidu, who has emerged kingmaker in the coalition govt, has also boosted the fortunes of his family that runs Hyderabad-based dairy player Heritage Foods.
His family’s wealth has increased by Rs 858 crore in just five days as a result of the Heritage Foods scrip rising 64% during the previous five trading sessions from Rs 403 a share last Friday (May 31, 2024) to a 52-week high of Rs 662 per share on Friday.
On May 13, 2024, the day Andhra Pradesh held its elections, the scrip’s closing price was Rs 363 per share. Based on this pricing, one can see that his family’s wealth increased by about Rs 989 crore in less than a month, as the scrip gained 82% during that time. These numbers are based on the 35.7% of shares in the dairy company that Naidu’s family owns.
Naidu’s son Nara Lokesh is the second-biggest family shareholder with roughly 10.8% of the company, behind his wife Nara Bhuvaneswari, the MD of the company, who owns a 24.4% interest. The other family members include Naidu’s grandson Devaansh Nara (0.1%) and daughter-in-law Nara Brahmani (0.5%), who collectively own less than 1% of the business.
The company’s market capitalization increased from Rs 3,371 crore on May 13 to Rs 3,738 crore on May 31, the day before the exit polls, and finally to Rs 6,141 crore on Friday due to the surge in share prices. The Heritage Foods scrip saw gains of over Rs 298 and Rs 259 per share, respectively, from its May 13 and May 31 prices.
Naidu’s TDP bagged 16 seats in the Lok Sabha elections and 135 seats in the Andhra Pradesh assembly elections.
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