Telugu Desam Party chief N Chandrababu Naidu backed Heritage Foods continued gaining in the bourses on Thursday as Naidu formally announced support for the revamped National Democratic Alliance government.

What Happened: After the election results unfolded, the Bharatiya Janata Party (BJP) found themselves short of the 272 majority required to form the government. Chandrababu Naidu's Telugu Desam Party (TDP) party and Janata Dal (United) chief Nitish Kumar expressed support for the NDA coalition to pave the way for a third consecutive government for Narendra Modi. 

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Heritage Foods also announced new products, such as pure ghee laddus under the brand “Truly Good” and three new ice cream flavours. The products were launched as the company celebrated its foundation day on June 5. The company was founded in 1992. 

The company mainly provides dairy products and has a network of over 3 lakh farmers and more than 6,900 distributors. 

Naidu is the founder of Heritage Foods and his wife and son, Bhuvaneswari Nara and Nara Lokesh have around 34% stake in the company. 

Price Action: Shares of Heritage Foods surged 9.47% to ₹598.25 on Thursday afternoon.

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