Share related to Telugu Desam Party (TDP) such as Amara Raja Energy, Heritage Foods, and KCP have seen a massive rally in the last two days. The upsurge in the stocks came after Chandrababu Naidu decided to extend support to NDA to form a government in the centre. TDP has also staged a strong comeback in Andhra Pradesh as well and that’s also supported the rally. Also, news reports said that the TDP leader is expected to become the chief minister of Andhra Pradesh.
Shares of Amara Raja Energy and Mobility have surged 18.7% in the last two days. Jay Dev Galla, former MP from TDP is the Managing Director of Amara Raja Energy. The stock advanced to a new 52-week high of Rs 1,333, which is its intra-day high as well.
The stock of Heritage Foods has risen 31% in the past two days. Chandrababu Naidu’s son, Nara Lokesh, is one of the board members of the company. Heritage Foods rose so much so that it triggered an upper circuit placed at Rs 601.15 on June 06, making its fresh 52-week high. As of now, the promoters including Naidu’s wife and son have a bit over 41% stake in the company, which is not just into the dairy business but also forayed into renewable energy.
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On June 06, shares of KCP saw an increase of 13.56% after rallying by over 17% a day before, as the Chandrababu Naidu-led TDP-JSP-BJP alliance won 165 out of 175 seats in Andhra’s assemble election. The stock has advanced more than 32% in the last two days. The surge came as Nadu’s beloved Amravati project may see its revival once he takes oath as CM of Andhra Pradesh. Also, he wanted Amravati to be the capital of Andhra Pradesh. KCP is strategically located in Amravati giving it an edge over other cement companies.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
