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regular-article-logo Thursday, 13 June 2024

Heritage Foods shoots up after poll results as TDP becomes a vital part of Modi govt 3.0

The Hyderabad-based company — linked to TDP president N. Chandrababu Naidu’s son Nara Lokesh — had seen a block deal worth ₹116 crore last week. As per the shareholding data of the company, Lokesh holds 10.82 per cent of equity

Our Special Correspondent Mumbai Published 11.06.24, 10:55 AM
Nara Lokesh

Nara Lokesh Wikipedia

The shares of Heritage Foods — which has shot into focus particularly after the TDP became a vital part of the new government — hit a 52-week high on Monday after block deals worth more than 320 crore were witnessed on the NSE.

The Hyderabad-based company — linked to TDP president N. Chandrababu Naidu’s son Nara Lokesh — had seen a block deal worth 116 crore last week.

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As per the shareholding data of the company, Lokesh holds 10.82 per cent of equity.

The other promoters include Bhuvaneshwari Nara, the wife of Chandrababu Naidu (24.37 per cent stake) and Devaansh Nara (Nara Lokesh’ son, 0.06 per cent).

The total promoter holding stands at 41.30 per cent of which 5.59 per cent is held by Megabid Finance and Investment Pvt Ltd.

Data available in the public domain shows that Bhuvaneshwari Nara and Nara Brahmani (the daughter-in-law of Chandrababu Naidu) are the directors of Megabid.

Shares of the company hit a 52-week high of 727.35 on Monday on the NSE. It later settled at 696, marking a gain of 5.26 per cent.

More than two crore shares changed hands with the traded value standing at nearly 1,443 crore.

On the BSE, the share touched a 52-week high of 727.90 and closed at 694.15, a gain of 4.90 per cent over the last close.

More than 29 lakh shares changed hands in the exchange as against the two-week average quantity of 5.54 lakh shares. The past 12 sessions have seen the stock rising more than 100 per cent, which has resulted in the Naidu family’s wealth soaring.

Market circles said apart from the connection to the Naidu family, the stock has been rising due to expectations that the FMCG sector is forecast to do well.

The company is present in dairy and renewable energy sectors. In dairy, it has a chilling capacity of 1.95 million litres per day, processing capacity of 2.57 million litres per day and packaging capacity of 1.71 million litres per day.

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