In 12 Sessions, Heritage Foods Shares Surge by 100%, Making Wife and Son of Chandrababu Naidu Richer with ₹1,200 crores

At the end of the March quarter, Chandrababu Naidu’s son Nara Lokesh and wife Bhuvaneswari Nara held respective stakes in Heritage Foods of 10.82% and 24.37%.

In the past 12 trading sessions, shares of Heritage Foods Ltd., which is supported by the family of Andhra Pradesh’s incoming chief minister Chandrababu Naidu, have doubled. The stock has doubled from levels of ₹354.5 that it closed on May 23 and is engaged in another 10% upward circuit at ₹727.9 on Monday. The stock has increased by 95% in the eight trading sessions from May 29. Since Chandrababu Naidu’s predicted return to the role of Andhra Pradesh chief minister, the stock has been soaring.

His Telugu Desam Party (TDP), allied with the Bharatiya Janta Party (BJP) and Pawan Kalyan’s Jana Sena Party, did manage to garner a majority in the 175-member parliament.The majority of Andhra-related companies’ shares have increased since Naidu took office again as Chief Minister. The share price of Heritage Foods is currently at an all-time high.

At the end of the March quarter, Chandrababu Naidu’s son Nara Lokesh and wife Bhuvaneswari Nara held respective stakes in Heritage Foods of 10.82% and 24.37%. Their ownership in the business was valued at somewhat more than ₹1,100 crore as of May 23’s closure. Their shareholding is currently worth at approximately ₹2,300 crore altogether due to the recent rise.

Heritage Foods’ stock has experienced a rise that has increased its 2024 returns to about 140%. The stock has performed better in the calendar year than it has since 2012, when it increased by more than 230%. The public firm Heritage Foods was founded in November 1996.

Chandrababu Naidu served as Andhra Pradesh’s chief minister twice before, from 2014 to 2019 and from 1995 to 2004. Heritage food shares increased 314% between 1999 and 2004, decreased 62% in 2000, increased 7% in 2001, and more than doubled in 2002 (117%) and 2003 (172%).

Shares increased 85%, 52%, 54%, and 87% between 2014 and 2019, respectively, before falling 36% in 2018 and 31% in 2019. On Monday, Heritage Foods had a major block transaction for ₹319.6 crore, in which 44 lakh shares, or 4.8% of the entire stock, were exchanged. The average price per share at which the transaction occurred was ₹725.