Luck Smiles On Chandrababu Naidu And His Family As Their Net Worth Surged By Rs 850 Crore In 5 Days
Heritage Foods, a company formed by the Naidu family, saw the value of its shares surge from ₹424 on June 3, when the Lok Sabha election results were not declared, to ₹661.25 today, after the declaration of the results.
Heritage Foods experienced a significant gain of more than 55% in its shares.
Mr. Naidu’s wife, Nara Bhuvaneshwari, a promoter of the company, saw her wealth increase to ₹535 crore.
Mr. Naidu’s son, Nara Lokesh, who holds 1,00,37,453 shares of Heritage Foods, also saw his net worth rise by ₹237.8 crore.
Founded in 1992, Heritage Foods is involved in the dairy and renewable energy sectors.
The company’s milk and milk-made products have a significant market presence in Uttar Pradesh, Andhra Pradesh, Rajasthan, Telangana, Uttarakhand, Karnataka, Haryana, Kerala, NCR Delhi, Tamil Nadu, Odisha, and Maharashtra.
Nara Bhuvaneshwari, with 2,26,11,525 stocks, is the top shareholder of the company.
Nara Lokesh, the son of N. Chandrababu Naidu, is also a promoter of Heritage Foods, holding a 10.82 per cent stake.
Nara Brahmani, Naidu’s daughter-in-law, held 0.46 percent, while grandson Deevansh Nara held 0.06 percent.
Heritage Foods also sells dairy products and pure ghee laddus under the brand name ‘Truly Good.’
The company has a presence in the cattle feed business through its subsidiary, Heritage Nutrivet Limited (HNL).
However, the surge in the share values has been a constant phenomenon, with an 89% increase in the last month and over 150% in 2024.
In other words, the share values have nearly tripled in the last year.
Heritage Foods’ shares had renewed interest among Dalal Street investors after it became clear that Chandrababu Naidu’s party had swept the Andhra Pradesh Assembly elections.
Chandrababu Naidu has become a key power broker in the NDA alliance.
His party won 16 of the 17 seats it contested and was crucial in the NDA winning the elections.
The NDA won 293 seats in the 543-seat Lok Sabha.
The BJP alone could muster only 240 seats, far below the simple majority mark of 272.
