Chandrababu Naidu’s family sees Rs 1225 crore wealth increase within 12 days
The surge in share value, from ₹354.5 on May 23 to its peak in early June, coincided with Naidu's resounding victory in the Andhra Pradesh assembly elections.
The family of N. Chandrababu Naidu has experienced a witnessed increase in their wealth, with a staggering ₹1,225 crore surge over a mere 12-day span.
This financial upturn is attributed to the exceptional performance of Heritage Foods shares, which surged by more than 105% during this period, reaching an impressive 52-week high of ₹727.9 on the BSE. The surge in share value, from ₹354.5 on May 23 to its peak in early June, coincided with Naidu’s resounding victory in the Andhra Pradesh assembly elections.
The surge in the value of Heritage Foods shares drove the family’s total wealth to exceptional levels. Bhuvaneshwari Nara, the wife of Chandrababu Naidu, saw her wealth soar to an astounding ₹1,631.6 crore, while their son, Nara Lokesh, amassed a substantial ₹724.4 crore. Together, their cumulative wealth from Heritage Foods now stands at a monumental ₹2,391 crore.
This surge in the value of Heritage Foods shares converged with Chandrababu Naidu’s defining victory in the recent assembly elections, where his party, the Telugu Desam Party (TDP), emerged victorious over its rivals. The victory injected a sense of optimism into the market, driving Heritage Foods shares to unprecedented heights.
Heritage Foods, a prominent player in India’s dairy products sector, boasts a diverse portfolio that includes milk, curd, ghee, and paneer, catering to over 1.5 million households across 11 states in India. Additionally, its subsidiary, Heritage Nutrivet Limited (HNL), has expanded into the cattle feed business, further enhancing its growth prospects.
Concerns Arise Over Valuation Despite Chandrababu Naidu’s Influence
Despite the phenomenal surge in the value of Heritage Foods shares, concerns linger regarding the stock’s valuation.
Key indicators such as the Relative Strength Index (RSI) and Money Flow Index (MFI) have soared into strongly overbought territory, prompting some analysts to warn of a potential market correction.
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