Stock Report

Foods & Inns Limited receives approval under PLI scheme of Ministry of Food Processing Industries



Posted On : 2021-12-07 10:51:11( TIMEZONE : IST )

Foods & Inns Limited has received approval from the Government of India under Component 1 of the Production Linked Incentive Scheme for Food Processing Industries under which the company has to invest and grow its sales by a minimum of 10% CAGR (Maximum cap for incentives at 15% CAGR of Sales) to receive the incentives on a yearly basis from FY'21-22 to FY'26-27 with the base year sale being FY'19-20.

Commenting on the occasion, Mr. Bhupendra Dalal (Chairman - Foods & Inns Ltd.) said, "Foods & Inns is thankful to the Govt. of India and the Ministry of Food Processing Industries for providing such encouraging platforms to the Domestic Food Processing sector. We are positive that we will contribute immensely towards building a strong ecosystem for strengthening the agro processing space in India and in establishing our own brands abroad. We are extremely thrilled to get selected under the PLI scheme for Food Processing Industries. Foods & Inns has established itself as one of the leading and trustworthy fruits and vegetable processor from India and this programme by the govt. will give further fillip to the marketing and sales activities of the company. Our company has planned capex towards installing Tetra Recart facility, doubling our fully utilized Spray Drying facilities, building a new spice factory on our existing land in Nashik to cater to international markets, increasing Cold Storage facilities along with increasing our agro processing capabilities. The incentives combined with the initiatives being undertaken is expected to be a gamechanger for Foods & Inns and we intend to become a global agro product processing champion."

Shares of FOODS & INNS LTD. was last trading in BSE at Rs. 90.45 as compared to the previous close of Rs. 87.15. The total number of shares traded during the day was 46595 in over 620 trades.

The stock hit an intraday high of Rs. 91.50 and intraday low of 86.50. The net turnover during the day was Rs. 4134607.00.

Source : Equity Bulls

Keywords

FOODSandINNSLTD INE976E01023 PLIScheme Approval FoodProcessing