India News
A company founded by Chandrababu Naidu has made significant gains after his party TDP performed well in the Lok Sabha and Andhra assembly elections.
The shares of Heritage Foods have zoomed up 55% in the last five days, leading to a rise of Rs 579 crore for Naidu's wife Nara Bhuvaneshwari, who is a promoter in the company.
The stock was trading at Rs 424 on June 3, hours before the election results were announced. Today, the Heritage Foods share is at Rs 661.25.
Chandrababu Naidu founded Heritage Foods in 1992. The company's website describes it as "one of the fastest growing public-listed companies in India".
Nara Bhuvaneshwari is the top shareholder of the company and holds 2,26,11,525 stocks, according to BSE data. Naidu's son Nara Lokesh also holds 1,00,37,453 shares.
The meteoric rise began soon after the Lok Sabha election results. The TDP won 16 of the 17 seats it contested, and was instrumental in the NDA winning the elections.