HYDERABAD: The political revival of Telugu Desam Party (
TDP
) and its chief Chandrababu Naidu, who has emerged kingmaker in the coalition govt, has also boosted the fortunes of his family that runs Hyderabad-based dairy player
Heritage Foods
.
With the Heritage Foods scrip gaining 64% over the last five trading sessions from Rs 403 a share last Friday (May 31, 2024) to hit a 52-week high of Rs 662 per share on Friday, the wealth of his family has surged by Rs 858 crore in five days.
However, when one compares his family’s wealth based on the scrip’s closing price of Rs 363 a share on May 13, 2024, the day votes were cast in Andhra Pradesh, it has shot up by nearly Rs 989 crore in the span of less than a month as the scrip gained 82% during the period.
These figures are based on the 35.7% stake shares held by Naidu’s family in the dairy company.
While Naidu’s wife Nara Bhuvaneswari, who helms the company as MD, holds 24.4% stake in the company, Naidu’s son Nara Lokesh is the second-biggest shareholder from the family with nearly 10.8%.
The other family members, all of whom hold less than 1% stake in the company, include Naidu’s daughter-in-law Nara Brahmani (0.5%) and his grandson Devaansh Nara (0.1%).
The surge in the share prices has sent the company’s market capitalisation soaring from Rs 3,371 crore on May 13 to Rs 3,738 crore on May 31, a day before the exit polls, on to Rs 6,141 crore on Friday as the Heritage Foods scrip gained by over Rs 298 and Rs 259 a share respectively as compared to its May 13 and May 31 prices.
Naidu’s TDP bagged 16 seats in the Lok Sabha elections and 135 seats in the Andhra Pradesh assembly elections.
