Heritage Foods shares have shown a significant rise over the past five days, marking a notable event on Dalal Street. Despite the stock market crash following the unexpected Lok Sabha election results on June 4, this fast-moving consumer goods (FMCG) stock displayed remarkable resilience. This 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) leader Nara Chandrababu Naidu, holds a significant 24.37% stake in the FMCG company. The recent rally in Heritage Foods’ share price has resulted in a substantial increase in Nara Bhuvneshwari’s net worth, which surged by an impressive ₹584 crore in just five days.
Surge in Nara Bhuvneshwari’s Net Worth
As a major promoter of Heritage Foods, Nara Bhuvneshwari’s ownership of 2,26,11,525 Heritage Foods shares, equating to 24.37%, signifies her substantial influence over the company’s decisions and performance, which can subsequently impact the stock price.
Heritage Foods’ share price closed at ₹402.90 per share on May 31, 2024, and has been on an upward trajectory for five consecutive sessions. Even during Tuesday’s stock market crash, the FMCG stock closed higher. Today, Heritage Foods’ share price opened on a positive note, reaching an intraday high of ₹661.25 per share, marking a new all-time high for the stock. During this climb, the FMCG stock hit its 10% upper circuit limit. Over the past five sessions, Heritage Foods’ share price has increased by ₹258.35 per share.
With Nara Bhuvneshwari owning 2,26,11,525 Heritage Foods shares, the recent surge in the share price has significantly boosted her net worth. This rally has resulted in a remarkable increase of ₹5,84,16,87,483.75 or ₹584 crore.
Heritage Foods Share Price Outlook
Anticipating further gains in Heritage Foods shares, Sumeet Bagadia, Executive Director at Choice Broking, commented, “The FMCG stock has established a strong base at ₹610, while facing resistance at ₹700. Heritage Foods shareholders can hold the stock for a short-term target of ₹700, maintaining a stop loss at ₹610.”
