How Chandrababu Naidu's grandson Devansh became ₹1.7 crore richer at age 9 - Hindustan Times

How Chandrababu Naidu's grandson Devansh became 1.7 crore richer at age 9

Jun 12, 2024 03:18 PM IST

Stock of Heritage Foods, the dairy firm promoted by Chandrababu Naidu's family, hit record highs following election results.

Telugu Desam Party chief N Chandrababu Naidu was sworn in as the Chief Minister of Andhra Pradesh for the fourth term today in a ceremony attended by Prime Minister Narendra Modi, Union Ministers Amit Shah, Nitin Gadkari and J P Nadda and Maharashtra Chief Minister Eknath Shinde. Janasena chief and actor Pawan Kalyan, Nara Lokesh, son of Chandrababu Naidu, among others, took oath as Ministers.

Chandrababu Naidu's 9-year-old grandson's wealth surged by <span class='webrupee'>₹</span>1.7 crore in 12 days.
Chandrababu Naidu's 9-year-old grandson's wealth surged by 1.7 crore in 12 days.

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Chandrababu Naidu's fortunes surged after the recent Lok Sabha elections and the state assembly elections as the stock of Heritage Foods, the dairy firm promoted by his family, hit record highs. This come after TDP became one of the key allies of the National Democratic Alliance 3.0 government.

Heritage Foods stock doubled in 12 sessions resulting in a windfall for Chandrababu Naidu and his family which has a 35.7 per cent stake in the company. His wife Bhuvaneswari has 24.37 percent stake, son Lokesh has 10.82 percent stake, daughter-in-law Brahmani has 0.46 percent stake and his 9-year-old grandson Devansh has 0.06 percent stake in the company, as per exchange data.

Read more: Chandrababu Naidu persuaded Bill Gates for Microsoft's Hyderabad office in just 40 minutes

Following the surge in the stock, Devansh's 56,075 shares are now 4.1 crore as compared to 2.4 crore on June 3. Overall, the family earned 1,225 crore as Heritage Foods shares hit a fresh 52-week high of 727.9 on the BSE, locking in a 10% upper circuit. On May 23, the stock closed at 354.5.

Heritage Foods was founded in 1992 and is a leading value-added and branded dairy products player in India. Its products include curd, ghee, paneer, flavoured milk, and immunity milk, among others. The company claims that the products are consumed by more than 1.5 million households in 11 states across India.

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