Amidst the recent electoral triumph of Chandrababu Naidu’s Telugu Desam Party (TDP), a notable surge in wealth has been observed within his family circle, particularly among his wife, Nara Bhuvaneshwari, and son, Nara Lokesh.
The surge in wealth is intricately tied to the remarkable rise in the stock value of Heritage Foods, a company founded by Naidu himself back in 1992. Heritage Foods witnessed a staggering 55% increase in its shares over a mere five days following the announcement of election results, leading to a substantial boost in the wealth of Bhuvaneshwari and Lokesh alike.
This financial upswing comes on the heels of TDP’s impressive performance in both the Lok Sabha and Andhra Pradesh assembly elections. With the TDP securing victories in 16 out of 17 contested Lok Sabha seats, Heritage Foods saw its stock soar, signaling a significant financial windfall for the Naidu family.
Before the announcement of election results on June 3, Heritage Foods’ stock was trading at ₹424. However, within just five days, it skyrocketed to ₹661.25, marking an unprecedented surge and resulting in a substantial increase of ₹579 crore in wealth for Nara Bhuvaneshwari, who holds a significant stake in the company.
According to BSE data, Bhuvaneshwari is identified as the top shareholder of Heritage Foods, holding an impressive 2,26,11,525 shares. Likewise, Nara Lokesh, Naidu’s son, also holds a substantial number of shares in the company, totaling 1,00,37,453.
The surge in stock value not only benefited Bhuvaneshwari but also contributed to a remarkable increase of ₹237.8 crore in Nara Lokesh’s net worth, directly correlating with the meteoric rise in Heritage Foods’ shares.
The genesis of this financial boon can be traced back to the announcement of Lok Sabha election results on June 4, where the TDP’s strong showing significantly contributed to the National Democratic Alliance’s (NDA) overall victory. The alliance secured 293 out of 543 Lok Sabha seats, though the Bharatiya Janata Party (BJP) fell short of its previous majority, securing only 240 seats.
Heritage Foods, operating in the dairy and renewable energy sectors, boasts a substantial market presence across numerous states in India, with its dairy products enjoying popularity in several regions.
The surge in Heritage Foods’ stocks, closely aligned with the political fortunes of Chandrababu Naidu’s party, underscores the intricate relationship between business and politics within India’s dynamic socio-economic landscape. As discussions surrounding political economy and corporate governance gain momentum, the implications of this financial surge for Naidu’s family and Heritage Foods warrant meticulous examination.
Last Updated on: Saturday, June 8, 2024 1:11 pm by Republic Post Team | Published by: Republic Post Team on Saturday, June 8, 2024 1:11 pm | News Categories: Politics, Trending
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