Chandrababu Naidu's family has become richer by Rs 850 crore in 5 days. Here’s how

Chandrababu Naidu’s family has become richer by over Rs 800 crore over the past few days.

The development comes after Naidu’s (TDP) performed extremely well in the recent elections.

The TDP won 16 Lok Sabha seats and 135 seats in the state Assembly.

Naidu is set to take office as the next chief minister of Andhra Pradesh and to play a crucial role at the Centre as an ally of the National Democratic Alliance.

But how has the family gained that much wealth in such a short time?

Let’s take a closer look:

According to NDTV, the Naidu family has increased its net worth after the price of Heritage Foods shares – which Naidu founded in 1992 and in which they are major stakeholders – increased massively in the past five days.

Prior to the poll results, Heritage Foods shares were at Rs 424.

However, the share is now trading at a record high of Rs 661.25.

That’s a 55 per cent increase.

Naidu’s family owns a 35 per cent stake in Heritage Foods.

That translates to a windfall of Rs 579 crore for Naidu’s wife Nara Bhuvaneshwari, a promoter in the company.

Bhuvaneshwari, the biggest shareholder in the company with a 24.37 per cent stake , owns 2,26,11,525 stocks of Heritage Foods.

Naidu’s son Nara Lokesh own  1,00,37,453 shares or 10.82 per cent of the firm.

He has seen his own net worth increase by Rs 237.8 crore.

Naidu’s daughter-in-law Brahmani owns 0.46 per cent, while his grandson Devansh owns 0.06 per cent stake in the dairy firm.

The Naidu family’s net worth has risen to Rs 2,190 crore from Rs 1,319 crore a week ago.

About Heritage Foods

Heritage Foods was founded in 1992 by Naidu, as per Moneycontrol.

As per Business Today, it had three divisions – dairy, retail and agri -all under its flagship company Heritage Foods.

Heritage Foods launched a new range of pure ghee laddus under the brand name ‘Truly Good’. The Andhra Pradesh based food company has a presence in the cattle feed business through its subsidiary, Heritage Nutrivet Limited (HNL)

It is a leading value-added and branded dairy products player in India.

The company’s website describes it as “one of the fastest growing public-listed companies in India.”

The company says its milk and milk products such as curd, ghee, Paneer, flavoured milk, and immunity milk are consumed by over 1.5 million households across a dozen states.

The company is in Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharashtra, Odisha, NCR Delhi, Haryana, Rajasthan, Uttarakhand and Uttar Pradesh.

According to Business Today, it has launched pure ghee laddus under the brand name ‘Truly Good.’

The firm has a presence in the cattle feed business through its subsidiary Heritage Nutrivet Limited (HNL)

The company’s market cap, which was at Rs 3,700 crore prior to the poll results, is at Rs 6,136 crore today.

Its promoter stake stood at 41.30 per cent at the end of March quarter, as per Business Today.

The company’s shares were trading at Rs 327.75 on 15 March – before the before the Election Commission of India released the dates for the general elections.

Sensex soars yet again

Benchmark Sensex soared by more than 1,720 points or over 2 per cent to hit life-time intra-day record highs on Friday after the Reserve Bank of India revised upwards the GDP growth projection to 7.2 per cent for 2024-25 from 7 per cent earlier.

The 30-share BSE Sensex jumped 1,720.8 points to hit a record peak of 76,795.31 in day trade. The NSE Nifty went up by 498.8 points to 23,320.20.

IT and interest rate-sensitive bank, realty and auto stocks were trading with gains.

In the past two days, the BSE benchmark surged 2,995.46 points or 4.15 per cent after Tuesday’s massive rout.

The Reserve Bank of India (RBI) on Friday decided to keep the policy rate unchanged for the eighth time in a row, saying it will maintain a tight vigil on inflation.

Announcing the second bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent.

The Reserve Bank revised upwards the GDP growth projection for the current fiscal to 7.2 per cent from 7 per cent on rising private consumption and revival of demand in rural areas.

All the 30 Sensex companies were trading in the positive territory, Mahindra & Mahindra, Wipro, Tech Mahindra, UltraTech Cement, Tata Steel and Infosys were among the biggest gainers.

With inputs from agencies