June 16, 2024 13:44 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
After his 'Lord Ram' taunt on BJP creates uproar, RSS leader makes a U-turn | NDA govt formed by mistake, can fall anytime: Congress chief Mallikarjun Kharge's claim | PM Modi returns to India after 'successful completion of G7 Outreach Summit' in Italy | Delhi LG approves prosecution of Arundhati Roy, Sheikh Showkat Hussain in 2010 provocative speech case | BS Yediyurappa, accused of harassing minor, can't be arrested till next hearing: Karnataka HC
Chandrababu Naidu's wife earns Rs 584 cr as Heritage Foods stock soars 64% in 5 days
Heritage Foods
Image courtesy: Facebook/TDP

Chandrababu Naidu's wife earns Rs 584 cr as Heritage Foods stock soars 64% in 5 days

| @indiablooms | 08 Jun 2024, 12:11 pm

Mumbai/IBNS: With a 64 percent surge in the last five days, the post-Lok Sabha election results uptrend in Heritage Foods shares is one of the significant stock-specific developments in the Indian stock market.

The fast-moving consumer goods (FMCG) stock remained resilient, despite the stock market crash following the surprising national election results on June 4.

According to reports, the resilience in the FMCG stock can be attributed to the shareholding pattern of Heritage Foods Ltd for the January-March 2024 quarter.

In the recent rally in Heritage Foods share, the net worth of Nara Bhuvneshwari, Telugu Desam Party (TDP) chief Nara Chandrababu Naidu's wife who owns a substantial 24.37 percent stake in the FMCG company, has surged by a staggering ₹584 crore in just five days.

As a key promoter of Heritage Foods, Nara Bhuvneshwari's ownership of 2,26,11,525 Heritage Foods shares, or 24.37 percent, indicates her strong influence on the FMCG company's decisions and performance, which in turn can impact the stock price, as reported by Livemint.

The share price of Heritage Foods, which ended at Rs 402.90 apiece on May 31, has risen for the last five straight sessions, and the FMCG stock ended higher even on June 4's stock market crash.

According to reports, the share price of Heritage Foods on Friday (June 7) opened upside and touched an intraday high of Rs 661.25 per share, which turned out to be a new lifetime high of the stock.

The FMCG stock touched 10 percent of its upper circuit while climbing to this new peak, and in the last five straight sessions, Heritage Foods' share price has risen by Rs 258.35 per share.

With TDP leader Chandrababu Naidu's wife's ownership of 2,26,11,525 Heritage Foods shares, the recent rise in the Heritage Foods' share price has led to a significant rise in her net worth, and the rally has resulted in a staggering rise of Rs 584 crore (Rs 5,84,16,87,483.75) in Nara Bhuvneshwari's net worth.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.