These TDP-linked stocks rally up to 10%, extend recent gains. Here's why
Heritage Foods has Nara Bhuvaneswari, the wife of Chandrababu Naidu, as the key stakeholder.
Heritage Foods Ltd and Amara Raja Energy & Mobility Ltd extended gains as TDP leader N Chandrababu Naidu is seen playing a key role in the formation of BJP-led NDA government at Centre. Heritage Foods has Nara Bhuvaneswari, the wife of Chandrababu Naidu, as the key stakeholder who owns 2,26,11,525 shares or 24.37 per cent stake in the company at the end of March quarter.
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Nara Lokesh, the son of N Chandrababu Naidu, is also one of Heritage Foods promoters and has a 10.82 per cent stake in the company as on March 31. Nara Brahmani, Chandrababu Naidu's daughter-in-law, has 0.46 per cent while grandson Deevansh Nara held 0.06 per cent.
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On June 6, shares of Heritage Foods shares rose 10 per cent to hit a high of ₹601.60. The stock has been rallying even before exit polls and is up 49 per cent.
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Amara Raja stock has also been rising although it has no direct TDP link. The prevailing managing director Galla Jayadev (Jay Galla) is a former TDP parliamentary party leader but did not contest Lok Sabha elections this time. Shares of Amara Raja were trading 6.91 per cent higher at ₹1,300 on BSE today and it has gained 22 per cent in two straight days of gains.
