Shares of Heritage Foods Ltd. hit its daily upper limit of 10% and extended its record run for the fourth consecutive session on Thursday after his swooping victory in the elections.
The dairy company founded in 1992 by Chandrababu Naidu, who is set to become Chief Minister of Andhra Pradesh, has a market presence in more than 10 states across the nation. Naidu's wife holds a 24.37% stake in the company.
Shares of the company surged as much as 10% during the day to Rs 601.15 apiece on the NSE. It pared gains to trade 7.22% higher at Rs 585.95 apiece, compared to a 0.62% advance in the Nifty as of 10:10 a.m.
The company has amassed a total gain of 37.25% in the past four days. The share price has risen 183.3% in the last 12 months. The total traded volume so far in the day stood at 8.1 times its 30-day average. The relative strength index was at 92.63, implying that the stock is overbought.
Four analysts tracking the company have a 'buy' rating on the stock according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 24.6%.
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