Heritage Foods surges 10% after ₹320-crore block deal; stock up over 80% in 6 sessions

According to the data available on the stock exchanges, almost 4.4 million shares, or around 4.8% equity of the company, changed hands through open market transactions. The deal is estimated to be worth around ₹320 crore.

The deal was executed at an average price of ₹725 per share, which was around 10% higher than the stock’s previous close of ₹661.25, according to reports.

Consequently, Heritage Foods share price spiked by a similar margin on Monday to hit its lifetime high of ₹727.35 apiece on the NSE.

Notably, the stock has rallied over 80% in the past six sessions after the TDP won a thumping majority in the Andhra Pradesh Assembly polls, while also emerging as the second-largest constituent of the National Democratic Alliance (NDA) that formed the central government after winning the Lok Sabha elections.

The Heritage Foods share price has more than doubled in just a matter of two weeks and is up a whopping 230% in the past one year.

The company’s shareholding data shows that the Naidu family held a 41.3% stake in Heritage Foods as of the end of the March 2024 quarter. Naidu’s wife Nara Bhuvaneswari held a 24.37% stake in the company, while his son Nara Lokesh owned a 10.82% stake in the firm.

Naidu had established Heritage Foods in 1992 with the help of his family members and associates. The company has now become one of the fastest growing public listed companies in India, with two business divisions - dairy and renewable energy. The annual turnover of Heritage Foods stood at nearly ₹3,209 crore in FY 2022-23.

Shares of Heritage Foods were trading 5.88% higher at ₹700.1 apiece on the NSE at 11:50 pm.