During a remarkable five-day surge in the stock market, Nara Bhuvaneshwari, the spouse of TDP leader Chandrababu Naidu, amassed a staggering ₹579 crore as Heritage Foods’ stock experienced a substantial upswing.
Despite the broader market downturn following the Lok Sabha election outcomes, Heritage Foods’ FMCG stock surged, propelled by Bhuvaneshwari’s significant 24.37% ownership stake in the company.
With a holding of 2,26,11,525 shares in Heritage Foods, she plays a pivotal role as a prominent promoter, wielding considerable influence over the company’s decisions and performance. This robust influence reflected in the stock’s price, which stood at ₹402.90 per share as of May 31, 2024.
Over the course of five trading sessions, Heritage Foods’ shares consistently rose, even amidst Tuesday’s market downturn. Today, the company’s shares opened with an upward trend, reaching an intraday peak of ₹659 per share.
In the past five consecutive sessions, Heritage Foods’ stock has surged by ₹256.10 per share, resulting in a substantial boost to Nara Bhuvaneshwari’s net worth. This surge coincides with the gathering of newly elected MPs from the National Democratic Alliance (NDA) at the new Parliament House, marking their first meeting following the BJP-led alliance’s victory in the Lok Sabha elections.
Chandrababu Naidu’s Telugu Desam Party (TDP) emerged as a significant player, particularly as the BJP fell short of the majority needed to independently form a government. The NDA secured 293 seats in the 543-member Lok Sabha, with the BJP securing 240 seats, well below the 272 required for a majority.
