Heritage Foods hits 52-week high after Rs 319.6 crore large deal

Shares of Heritage Foods skyrocketed 10 percent to hit a 52-week high of Rs 727.35 on June 10 after a large deal worth Rs 319.60 crore took place on the exchanges.

Around 44 lakh shares, making up a 4.8 percent stake in the company changed hands on the exchanges in a large deal. The transaction was executed at an average price of Rs 725 apiece, a premium of around 10 percent from the previous close.

Moneycontrol could not immediately ascertain the parties involved in the transaction.

At 11.06 am, shares of Heritage Foods were trading at Rs 703.60 on the NSE. With the large deal, volumes in the counter also shot up as 2 crore shares changed hands on the bourses so far, manifold the one-month daily traded average of 35 lakh shares.

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Meanwhile, shares of Heritage Foods have also doubled in value in the past 12 sessions, propelled by the political comeback of Andhra Pradesh’s Chief Minister-elect Chandrababu Naidu.

Naidu’s family are promoters of the company, with his wife Bhuvaneswari Nara owning a 24.37 percent stake and son Nara Lokesh holding a 10.82 percent stake in Heritage Foods as of the end of the March quarter FY24.

The recent rally in the dairy products company has also taken its year-to-date returns to over 130 percent, making it is best stock performance in a calendar year since 2012. The stock had surged over 230 percent in 2012.

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