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Heritage Foods, other TDP-linked stocks extend record run after Chandrababu Naidu's election triumph
TDP
Photo courtesy: File image from X/@ncbn

Heritage Foods, other TDP-linked stocks extend record run after Chandrababu Naidu's election triumph

| @indiablooms | 06 Jun 2024, 12:39 pm

Mumbai/IBNS: Shares of Telugu Desam Party (TDP)-linked stocks, including Heritage Foods Ltd and Amara Raja Energy & Mobility Ltd, on Thursday (June 6) extended their winning runs for the second straight day on Dalal Street, as the TDP leader N Chandrababu Naidu -- an NDA ally -- is seen playing a key role in the formation of next NDA 3.0 government at Centre.

According to reports, Nara Bhuvaneswari, the wife of Chandrababu Naidu, is a key stakeholder of Heritage Foods, whose promoter stake stood at 41.30 percent at the end of March quarter.

Bhuvaneswari owned 2,26,11,525 shares or 24.37 percent stake in Heritage Foods at the end of March quarter.

Chandrababu Naidu's son Nara Lokesh is also one of the promoters of Heritage Foods.

Nara Lokesh reportedly had 10.82 percent stake in Heritage Foods as on March 31, while Naidu's daughter-in-law Nara Brahmani and grandson Deevansh Nara held 0.46 percent and 0.06 percent stakes in Heritage Foods, respectively.

Shares of Heritage Foods, on Thursday (June 6) climbed 10 percent to hit a high of Rs 601.60.

This stock has been rallying even before exit polls, and in four-day rally, the stock is up a strong 49 percent, as per reports.

Though there is no direct TDP link in Amara Raja Energy & Mobility Ltd, the prevailing managing director Galla Jayadev (Jay Galla) is a former TDP Parliamentary Party Leader.

Jay Galla, a two-time MP and head of Amara Raja group, did not contest Lok Sabha elections 2024. Yet, the stock is rising on positive sentiments.

Shares of Amara Raja were trading 6.91 percent higher at Rs 1,300 on BSE at 10 am on Thursday.

This stock has gained 22 per cent in two straight days of gains, according to reports.

India Today reported, citing sources in TDP, that the party, which secured 16 Lok Sabha seats under Chandrababu Naidu's leadership, may seek a Speaker's post besides health department, rural development, and transport portfolios.

In the recently concluded Lok Sabha polls, BJP managed to secure 240 seats against a magical mark of 272, while its NDA alliance settled with 292 seats.

According to media reports, Narendra Modi is seen taking oath as Prime Minister for the third consecutive term on Saturday (June 8).

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