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This dairy products stock zoomed 34% on TDP’s landslide win in Andhra Pradesh

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Jun 05, 2024 03:02 PM IST

In three trading sessions, the stock has surged 34 per cent after Chandrababu Naidu was set to become Andhra Pradesh Chief Minister for fourth term.

Shares of dairy products company Heritage Foods hit a record high of 538 as they rallied 18 per cent on the BSE today (June 5). In three trading sessions, the stock has surged 34 per cent after Chandrababu Naidu was set to become Andhra Pradesh Chief Minister for fourth term as Telugu Desam Party’s (TDP’s) registered a landslide victory. In the past one month, the stock is up 63 per cent.

Telugu Desam Party (TDP) president Chandrababu Naidu addresses a press conference after the party's victory in the Lok Sabha elections, in Amravati.(PTI)
Telugu Desam Party (TDP) president Chandrababu Naidu addresses a press conference after the party’s victory in the Lok Sabha elections, in Amravati.(PTI)

The Heritage Group was founded in 1992 by the TDP chief with three-business divisions viz., dairy, retail and agri under its flagship company Heritage Foods. Nara Lokesh, son of Chandrababu Naidu, is one of the promoters of Heritage Foods.

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For the financial year 2023-24 (FY24), the company reported a robust 83.6 per cent year-on-year (YoY) growth in its consolidated profit after tax at 106.50 crore. Its revenue grew by 17.1 per cent YoY at 3,793.9 crore and earnings before interest, tax, depreciation, and amortization jumped 51.5 per cent at 209.50 crore.

This comes as Chandrababu Naidu thanked people for the overwhelming mandate given to NDA in Andhra Pradesh. In a social media post, he also thanked Prime Minister Narendra Modi, Amit Shah and JP Nadda.

“Today (Tuesday), my heart is filled with gratitude. I thank the people of our state for blessing the TDP-JSP-BJP alliance with an overwhelming mandate to serve them. Together, we have won a battle to reclaim our state, and together, we will rebuild it,” he said in the post.

The TDP won 16 Lok Sabha seats and in the Assembly polls, the TDP got 135 seats, Janasena – 21 and BJP – 8. The YSRCP got 11 seats.

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