Mumbai/IBNS: With a 64 percent surge in the last five days, the post-Lok Sabha election results uptrend in Heritage Foods shares is one of the significant stock-specific developments in the Indian stock market.
The fast-moving consumer goods (FMCG) stock remained resilient, despite the stock market crash following the surprising national election results on June 4.
According to reports, the resilience in the FMCG stock can be attributed to the shareholding pattern of Heritage Foods Ltd for the January-March 2024 quarter.
In the recent rally in Heritage Foods share, the net worth of Nara Bhuvneshwari, Telugu Desam Party (TDP) chief Nara Chandrababu Naidus wife who owns a substantial 24.37 percent stake in the FMCG company, has surged by a staggering ?584 crore in just five days.
As a key promoter of Heritage Foods, Nara Bhuvneshwaris ownership of 2,26,11,525 Heritage Foods shares, or 24.37 percent, indicates her strong influence on the FMCG companys decisions and performance, which in turn can impact the stock price, as reported by Livemint.
The share price of Heritage Foods, which ended at Rs 402.90 apiece on May 31, has risen for the last five straight sessions, and the FMCG stock ended higher even on June 4s stock market crash.
According to reports, the share price of Heritage Foods on Friday (June 7) opened upside and touched an intraday high of Rs 661.25 per share, which turned out to be a new lifetime high of the stock.
The FMCG stock touched 10 percent of its upper circuit while climbing to this new peak, and in the last five straight sessions, Heritage Foods share price has risen by Rs 258.35 per share.
With TDP leader Chandrababu Naidus wifes ownership of 2,26,11,525 Heritage Foods shares, the recent rise in the Heritage Foods share price has led to a significant rise in her net worth, and the rally has resulted in a staggering rise of Rs 584 crore (Rs 5,84,16,87,483.75) in Nara Bhuvneshwaris net worth.
