TDP-linked stocks Heritage Foods, Amara Raja rally, extend up to 10% gains

The Lok Sabha election results has made TDP a key ally for NDA. TDP's N Chandrababu Naidu is seen playing a significant role in the formation of next government at Centre. TDP is also expected to get key ministries under the NDA 3.0 government.

With this, TDP-linked stocks Heritage Foods Ltd and Amara Raja Energy & Mobility extended gains of up to 10% on Thursday.

TDP-linked stocks rally

Nara Bhuvaneswari, wife of Chandrababu Naidu is the key stakeholder of Heritage Foods. At the end of March quarter its promoter stake stood at 41.30%. As per Business Today, she owned 2,26,11,525 shares or 24.37% stake in Heritage Foods at the end of March quarter.

Naidu's son Nara Lokesh is also one of Heritage Foods promoters with 10.82% stake. Meanwhile, Naidu's daughter-in-law Nara Brahmani holds 0.46% while his grandson Deevansh Nara holds 0.06% in the firm.

On Thursday, shares of Heritage Foods shares climbed 10% to hit a high of Rs 601.60. This stock has been rallying even before exit polls. In four-day rally, the stock is up a strong 49%.

Amara Raja stock has also been gaining since election result announcement. While no members of N Chandrababu Naidu is directly linked to Amara Raja, the firm's managing director Galla Jayadev is a former TDP Parliamentary Party Leader.

Galla who was a two time MP did not contest the elections this time. However, the stock is rising on positive sentiments. At 11.30 am, the stock was over 7% higher trading at Rs 1,312 per share. Over the past two days, the stock has gained 22%.

As per media reports, TDP may seek a Speaker's post besides health department, rural development, and transport portfolios. The party has won 16 Lok Sabha seats while its alliance NDA managed to win 292 seats. Narendra Modi will taking oath as Prime Minister on June 8th.

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