Reported 7 months ago
Stocks of companies in India's Andhra Pradesh state, backing PM Narendra Modi's ally N. Chandrababu Naidu, have surged after Modi's party relied on allies to stay in power, benefiting businesses in the region. An index of 20 companies with operations in Andhra Pradesh jumped over 50%, with shares of Heritage Foods Ltd., owned by Naidu's family, hitting a record high. Companies like NCC Ltd., KNR Constructions Ltd., and shrimp exporters Avanti Feeds Ltd. and Apex Frozen Foods Ltd. saw significant gains, reflecting expectations of benefits under the new administration.
Source: YAHOO