Shares of Heritage Foods Ltd., promoted by the family of Andhra Pradesh Chief Minister-elect Chandrababu Naidu, are locked in a lower circuit of 5% on Wednesday for the second consecutive session.
The stock had declined 5% in Tuesday's trading session as well. The price band on Heritage Foods was revised to 5% from 10% earlier. The price band on June 6 was revised to 10% from 20%.
As of closing on Monday, shares of Heritage Foods had doubled in just the last 12 sessions. From May 23's close of ₹354, the stock hit an intraday high of ₹727 on Monday, when it was locked in another 10% upper circuit.
The surge in shares of Heritage Foods led to a spike in the wealth of its promoters, Bhuvaneswari Nara, Chandrababu Naidu's wife, who owns over 24% stake in the company as of March and that of Nara Lokesh, Naidu's son, who has a 10.8% stake. Together, their wealth increased by nearly ₹1,200 crore during this recent rally.
A block deal took place in Heritage Foods on Monday, where 4.8% equity worth nearly ₹320 crore had changed hands in a large transaction. Buyers and sellers in that transaction are still unknown. Shares had changed hands at an average price of ₹725 per share.
The stock saw another block deal on Wednesday, 1.5% equity or 14.2 lakh shares worth ₹89.4 crore changed hands. The shares changed hands at an average price of ₹629 per share. Buyers and sellers in this transaction are unknown.
As of Monday, shares of Heritage Foods had risen nearly 140% in 2024 so far. This is the best calendar year performance from Heritage Foods since 2012, during which the stock had gained nearly 240%.
Heritage Foods still remains in "overbought" territory on the charts with its Relative Strength Index (RSI) at 76. An RSI reading above 70 means the stock is in "overbought" territory. At Monday's high, the RSI had touched levels of 96.
Shares of Heritage Foods are locked in a 5% lower circuit at ₹627.3.
The stock had declined 5% in Tuesday's trading session as well. The price band on Heritage Foods was revised to 5% from 10% earlier. The price band on June 6 was revised to 10% from 20%.
As of closing on Monday, shares of Heritage Foods had doubled in just the last 12 sessions. From May 23's close of ₹354, the stock hit an intraday high of ₹727 on Monday, when it was locked in another 10% upper circuit.
The surge in shares of Heritage Foods led to a spike in the wealth of its promoters, Bhuvaneswari Nara, Chandrababu Naidu's wife, who owns over 24% stake in the company as of March and that of Nara Lokesh, Naidu's son, who has a 10.8% stake. Together, their wealth increased by nearly ₹1,200 crore during this recent rally.
A block deal took place in Heritage Foods on Monday, where 4.8% equity worth nearly ₹320 crore had changed hands in a large transaction. Buyers and sellers in that transaction are still unknown. Shares had changed hands at an average price of ₹725 per share.
The stock saw another block deal on Wednesday, 1.5% equity or 14.2 lakh shares worth ₹89.4 crore changed hands. The shares changed hands at an average price of ₹629 per share. Buyers and sellers in this transaction are unknown.
As of Monday, shares of Heritage Foods had risen nearly 140% in 2024 so far. This is the best calendar year performance from Heritage Foods since 2012, during which the stock had gained nearly 240%.
Heritage Foods still remains in "overbought" territory on the charts with its Relative Strength Index (RSI) at 76. An RSI reading above 70 means the stock is in "overbought" territory. At Monday's high, the RSI had touched levels of 96.
Shares of Heritage Foods are locked in a 5% lower circuit at ₹627.3.
First Published: Jun 12, 2024 10:15 AM IST
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