Stock market news: The recent uptrend in Heritage Foods shares, which have been on the rise for the past five days, is one of the significant stock-specific developments on Dalal Street. Despite the stock market crash following the surprising Lok Sabha election results on June 4, the fast-moving consumer goods (FMCG) stock remained resilient. This resilience can be attributed to the shareholding pattern of Heritage Foods Ltd for the January to March 2024 quarter. Nara Bhuvneshwari — wife of Telugu Desam Party (TDP) supremo Nara Chandrababu Naidu — owns a substantial 24.37 per cent stake in the FMCG company. In the recent Heritage Foods share price rally, Nara Bhuvneshwari's net worth has surged by a staggering ₹584 crore in just five days.
As a key promoter of Heritage Foods, TDP chief Chandrababu Naidu's wife Nara Bhuvneshwari's ownership of 2,26,11,525 Heritage Foods shares, or 24.37 per cent, indicates her strong influence on the company's decisions and performance, which in turn can impact the stock price.
After ending at ₹402.90 apiece on May 31, 2024, Heritage Foods' share price has ascended for the last five straight sessions. The FMCG stock ended higher even on Tuesday's stock market crash. Heritage Foods' share price today opened upside and touched an intraday high of ₹661.25 per share, which turned out to be a new lifetime high of the stock. While climbing to this new peak, the FMCG stock touched 10 per cent of its upper circuit. So, in the last five straight sessions, Heritage Foods' share price has risen by ₹258.35 per share.
With Nara Bhuvneshwari's ownership of 2,26,11,525 Heritage Foods shares, the recent rise in Heritage Foods' share price has led to a significant increase in her net worth. The rally has resulted in a staggering rise of ₹5,84,16,87,483.75 or ₹584 crore in her net worth.
Expecting more upside in Heritage Foods shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “The FMCG stock has made a strong base at ₹610 whereas the scrip is facing a hurdle at ₹700. Heritage Foods shareholders can hold the scrip for the short-term target of ₹700, maintaining stop loss at ₹610.”
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