Heritage Foods shares surged 20% Wednesday to a 52-week high of ₹546.95 each on the BSE.
The development came in the backdrop of the dairy company founder and TDP supremo N..Chandrababu Naidu all set to become Andhra Pradesh Chief Minister for the fourth time. Besides winning the Assembly polls with a thumping majority, TDP has emerged as the second-largest constituent of the National Democratic Alliance led by Prime Minister Narendra Modi.
Mr.Naidu, who with friends and associates promoted Heritage Foods in 1992, through his family members hold a 41.30% stake in the company that is one of the leading dairy players.
In June, the company celebrated its 33rd foundation day. To mark the occasion, it introduced a new range of pure ghee laddus under Truly Good brand name as well as an ice-cream range besides launching new packaging formats for its farm fresh UHT milk and GlucoShakti whey-based energy drink, Heritage said.