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Stocks that may not have achche din

Market has been concerned over promoter Naveen Jindal’s association with the Congress.

, ET Bureau|
Updated: May 23, 2019, 04.47 PM IST
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ET Intelligence Group: The return of ‘Modi Sarkar’ has turned market sentiments bullish, but the stocks of certain companies may not receive similar enthusiasm especially the ones which the market perceives to being closer to the opposition parties. Below are some companies.

Heritage Foods
Andhra based dairy company is founded and owned by the Chandrababu Naidu, the current leader of TDP (Telugu Desam Party) which was fighting against BJP for the central elections. With TDP not getting enough seats, the street seems to be worried whether it will affect Heritage Foods’ business. The stock is down 2%, despite the broader indices making new highs.

Jindal Steel and Power (JSPL)
In the past, markets have been concerned over promoter Naveen Jindal’s association with the Congress party. This can also be seen in JSPL’s performance over the last five years. Its performance has been much worse than industry peers including JSW Steel and Tata Steel. JSW Steel and Tata Steel have given return of 140% and 15% respectively in the past five years, however, JSPL’s stock is down 45%.

The graphite electrode manufacturing and textile companies are promoted by Riju Jhunjhunwala’s family, Congress’s new candidate from Alwar, Rajasthan for the central elections. HEG has done well for its shareholders over the past three years. However, both the stocks have crashed after Jhunjhunwala joined the Congress earlier this year.

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