The change in regime in the state of Andhra Pradesh will not only bring about a change in the state's cabinet and its Chief Minister, but also to the fortunes of the incoming chief minister, N. Chandrababu Naidu's company.
Heritage Food Shares Jump
Heritage Foods, a Hyderabad-based company, is owned by the politically significant Nara family.
With the June 4 Lok Sabha results, we also saw the results for the assembly of Andhra Pradesh, which saw the return of N. Chandrababu Naidu's TDP back in power in the southern state.
This development appears to helped the fortunes of the aforementioned Heritage Foods, as the company shares have ballooned in the recent past. On Monday, June 10 alone, shares of the company rose by over 6 per cent, halfway through the day's trade.
Naidu is expected to succeed his bitter- rival, YS Jagan Mohan Reddy as Andhra CM on June 12.
In fact, just in the past one month alone, the diary company has made major gains at Dalal Street. In the period of one month, the share price value has risen by a staggering 103.31 per cent.
The company was founded over 30 years ago, in 1992, by the incoming CM of Andhra Pradesh. It plays crucial role, as it is one of the biggest private dairy product markers, in a market that is largely dominated by state-owned and co-operative companies. | Twitter
In addition, according to an ET report, the cumulative wealth of the Naidu family jumped by a whopping Rs 1,225 crore in just under a fortnight or 12 days. This rise has likely been contributed by the jump in performance of the dairy products company. The company also has three other subsidiaries under its ownership, with a revenue of over Rs 3000 crore.
In fact, just in the past one month alone, the diary company has made major gains at Dalal Street. In the period of one month, the share price value has risen by a staggering 103.31 per cent. |
Private Player in Public Business
The company was founded over 30 years ago, in 1992, by the incoming CM of Andhra Pradesh. It plays crucial role, as it is one of the biggest private dairy product markers, in a market that is largely dominated by state-owned and cooperative companies.
May it be Amul or state-government-owned companies, including Avin in Tamil Nadu, Nandini in Karnataka, and Milma in Kerala.
At 12:34 IST, the share price of the company rose by 5.32 per cent or 35.20, taking the total price to Rs 696.45 per individual share.
