Winning Bizness Desk
Mumbai. Chandrababu Naidu family's wealth has shot up by Rs 870 crore in the last 5 days, ever since he has joined National Democratic Alliance (NDA), a political group of the BJP-led party, which is taking oath for the third straight term This has happened due to a 55 percent jump in the shares of Heritage Foods during this period. The Naidu family is the promoter of this company. TDP chief Chandrababu Naidu has performed brilliantly in the recently held Andhra Pradesh Assembly and Lok Sabha elections. This has taken the shares of Heritage Foods to new heights. Heritage Foods sells milk and milk products. These include curd, ghee, cheese, flavored milk and immunity milk, among other products.
15 lakh families in 11 states are custolers
More than 15 lakh families in 11 states of the country use the company's dairy products. In the last five sessions, Heritage Foods' shares have registered a spectacular rise of 55 percent. The company's stock was trading at Rs 424 on June 3. It rose after exit polls predicted a possible win for Naidu's Telugu Desam Party (TDP) and closed at an all-time high of Rs 661.25 on Friday. The net worth of Chandrababu Naidu family members increased significantly during this bullish phase.
Market capitalisation of more than Rs 2,400 crore
The market capitalisation of Heritage Foods rose by more than Rs 2,400 crore this week as the election results went in Naidu's favour. The company's market capitalisation (m-cap) rose to Rs 6,136 crore on June 7. It was Rs 3,700 crore a week ago. According to stock exchange data, the Naidu family holds a 35.7 per cent stake in the company. Chandrababu Naidu's wife Bhuvaneshwari holds a 24.37 per cent stake in the company. While son Lokesh and daughter-in-law Brahmani hold 10.82 per cent and 0.46 per cent stakes respectively. Naidu's grandson Devansh holds 0.06 per cent stake in it. Collectively, the family's net worth rose to Rs 2,190 crore from Rs 1,319 crore a week ago, a rise of Rs 870 crore in the family's wealth. On June 7, shares of Heritage Foods rose 10 per cent to close at Rs 661.25 on the NSE.
Naidu, a rising star in politics
Chandrababu Naidu, who contested both Lok Sabha and Assembly polls in Andhra Pradesh in alliance with the BJP and the Jana Sena party, has wielded significant influence as a kingmaker in the past.In 1996, amidst a fractured mandate in the Lok Sabha polls, Naidu, as the convener of the United Front, facilitated the formation of the HD Deve Gowda government with external support from the Congress. Subsequently, he played a key role in forming the government led by Inder Kumar Gujaral at the Centre during the same period. In 1999, aligning with the BJP, Naidu secured 29 seats in united Andhra Pradesh, bolstering the then Atal Bihari Vajpayee government, which fell short of a majority. Despite not joining the government officially, TDP's 29 seats made it the BJP's largest ally. In 2014, Naidu once again forged an alliance with the BJP, joining the Modi government, only to part ways in 2018 ahead of Andhra Pradesh's Assembly polls.
