Shares of Heritage Foods and Amara Raja Energy soared 20% and 12%, respectively, on Wednesday after the Telugu Desam Party (TDP) won 16 out of 28 Lok Sabha seats in Andhra Pradesh, emerging as a key player in National Democratic Alliance (NDA).
What Happened: As the BJP failed to cross the 272-seat mark in Lok Sabha, failing to secure a majority on their own, TDP's support has become crucial for the NDA government to come back to power.
In the Andhra Pradesh state election, TDP won 135 out of 175 seats, setting the stage for Chandrababu Naidu to return as chief minister for the fourth time.
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N Chandrababu Naidu, TDP chief is the founder of Heritage Foods. Naidu's wife, Bhuvaneswari Nara and Nara Lokesh, Naidu's son are promoters of the company having 24% and 10% stake respectively til March 2024. Heritage Foods is engaged in the business of procurement and processing of milk and milk products. The company has three divisions: dairy, retail and agribusiness.
Jayadev Galla, former TDP Parliament leader is the managing director of Amara Raja Energy and Mobility. Galla quit politics in February 2024 and did not contest in the Lok Sabha election. Amra Raja Energy and Mobility manufactures lead acid batteries for industrial and automotive applications in the Indian storage battery industry.
Price Action: Shares of Heritage Foods surged 19.99% and hit the upper circuit at ₹546.50 on Wednesday. The stock had gained 38.21% in the last 5 trading sessions.
Amara Raja Energy and Mobility stock closed 12.72% higher at ₹1,220 on Wednesday.
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