Shares of Heritage Foods hit a 20% upper circuit on June 5, marking the third consecutive day of gains and a 35% increase during this period. The surge followed reports that Chandrababu Naidu will become the Chief Minister of Andhra Pradesh. The stock's rise is attributed to the fact that the company's promoters are Naidu's wife, Bhuvaneshwari Nara, who holds a 24.37% stake, and his son, Nara Lokesh, who holds a 10.82% stake. As of Q4 FY24, the promoters collectively held a 41.3% stake in Heritage Foods.
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