చంద్రన్న family becomes Rs 870-crore richer as Heritage Foods stock soars 55% in 5 days

[andhra_jp]

TDP chief Chandrababu Naidu's landslide win at the recently held Andhra Pradesh assembly and Lok Sabha elections catapulted the stock of a company promoted by his family into investors' orbit.

Heritage Foods, founded in 1992, is a leading value-added and branded dairy products player in India.

Heritage Foods' milk and milk products, such as curd, ghee, Paneer, flavoured milk, and immunity milk, among others, are consumed by more than 1.5 million households in 11 states across India, it claims.

In the past five sessions, the company's stock rose a whopping 55 percent.

The stock was trading at Rs 424 on June 3, two days after the exit polls predicted an overwhelming win for Naidu's Telugu Desam Party. Ever since, the stock rose swiftly to close trading at Rs 661.25 on Friday, its all-time high.

Heritage Foods' market capitalisation rose over Rs 2,400 crore this week owing to the election outcome favouring Naidu.

The company's m-cap rose to Rs 6,136 crore on June 7 from Rs 3,700 crore a week ago.

Naidu's family owns 35.7 percent stake in the company, shows exchange data.

His wife Bhuvaneswari owns 24.37 percent stake, while son Lokesh and daughter-in-law Brahmani own 10.82 percent and 0.46 percent, respectively. Naidu's grandson Devansh owns 0.06 percent stake in the dairy company.

Cumulatively, their net worth rose Rs 870 crore to Rs 2,190 crore from Rs 1,319 crore a week ago.

On June 7, Heritage Foods' shares on NSE closed 10 percent higher at Rs 661.25 apiece.