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The week of election results has been volatile for the stock market. During the week, the market witnessed the biggest single day fall in many years and in the days after that, it was also successful in compensating for almost all the losses. During this time, a tremendous rally was seen in some stocks in the market. The rally of one of those stocks has made the Naidu family rich.
50 percent up in just 3 days
This week has become memorable for FMCG company Heritage Foods. During the volatile week, this stock was continuously hit by an upper circuit. First, on Wednesday and Thursday, the stock price was hit by a circuit of 20-20 percent. After that, on the last day of the week, Friday, after hitting the circuit limit, it was hit by an upper circuit of 10 percent. In this way, the stock jumped 10 percent on the last day of the week to Rs 661.75. This is also the new 52-week high level of this stock.
The price went up so much this week
The price of this FMCG stock had also risen on the day of the election, when the entire market was down. On that day, major indices like BSE Sensex, NSE Nifty, Nifty Bank fell by 10 percent, but the price of Heritage Foods was still in profit that day. This stock was at just Rs 402.90 on 31 May 2024. On the next trading day, on June 3, the price of one share went up to Rs 424.45. In this way, the price of this FMCG stock rose by more than 64 percent in the last 5 days.
This is the reason for the rise
FMCG stock Heritage Foods is seeing strong demand after the election results. Actually, this company, which manufactures and sells other FMCG products including dairy, has a special connection with the Naidu family. N Chandrababu Naidu has emerged as the winner in this election. He has not only won the Andhra Pradesh assembly elections, but in the picture formed after the results of the Lok Sabha elections, his role has become that of a kingmaker. It is believed that Chandrababu Naidu’s party TDP is going to get important ministries in the government that is going to be formed at the center under the leadership of Prime Minister Narendra Modi a day later.
Naidu family’s share in the company
The Naidu family is the promoter of Heritage Foods. Chandrababu Naidu’s wife Nara Bhuvaneshwari has a 24.37 percent stake in the company. Her portfolio has a total of 2,26,11,525 shares of the company. Chandrababu Naidu’s son Nara Lokesh has a 10.82 percent stake in the company and grandson Devansh Nara has a 0.06 percent stake. Nara Lokesh’s wife Nara Brahmani also has a 0.46 percent stake. With the share price rising by about 65 percent in the last 5 days, the combined value of the holdings of the Naidu family members has increased by Rs 858 crore.
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