June 18, 2024

Chandrababu Naidu’s Family Sees Surge in Wealth Amid Political Success

Chandrababu Naidu's Family Sees Surge in Wealth Amid Political Success

Summary:The shares of Heritage Foods, founded by Chandrababu Naidu, surged by 55% following the TDP’s electoral success, leading to a gain of ₹535 crore for Naidu’s wife, Nara Bhuvaneshwari. Naidu’s son, Nara Lokesh, also saw a rise in net worth by ₹237.8 crore. The surge began after the TDP won 16 out of 17 seats it contested in the Lok Sabha elections, contributing to the NDA’s victory.

New Delhi – The meteoric rise of Heritage Foods, a company founded by Chandrababu Naidu, has sparked attention after his party, the TDP, performed well in recent elections. Over the past five days, the shares of Heritage Foods surged by 55%, translating to a staggering gain of ₹535 crore for Mr. Naidu’s wife, Nara Bhuvaneshwari, a prominent figure in the company.

The stock, which traded at ₹424 on June 3, just before the election results, soared to ₹661.25 today, reflecting the company’s remarkable performance in the market. Founded in 1992, Heritage Foods is touted as one of India’s fastest-growing public-listed companies, with a diverse portfolio spanning dairy and renewable energy sectors. Its products, including milk and milk products, enjoy market presence across multiple states, including Andhra Pradesh, Telangana, and Maharashtra.

Nara Bhuvaneshwari, the top shareholder of Heritage Foods, holds a substantial stake of 2,26,11,525 stocks, according to BSE data. Additionally, Mr. Naidu’s son, Nara Lokesh, also holds a significant share, with 1,00,37,453 shares in the company. Following the surge in stock prices, Mr. Lokesh’s net worth increased by an impressive ₹237.8 crore.

The upward trajectory of Heritage Foods began shortly after the Lok Sabha election results were announced on June 4. The TDP, winning 16 out of the 17 seats it contested, played a pivotal role in the NDA’s success, despite the BJP falling short of the majority mark in the Lok Sabha.

The surge in wealth for the Naidu family underscores the intersection of politics and business, highlighting how electoral victories can impact financial markets and individual fortunes. As Heritage Foods continues to thrive, it remains to be seen how this economic success will intersect with the political landscape in the days to come.

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