Foods & Inns hits new 52-week high on getting nod under PLI scheme for Branding & Marketing expenditure
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Foods & Inns is currently trading at Rs. 96.00, up by 3.40 points or 3.67% from its previous closing of Rs. 92.60 on the BSE.
The scrip opened at Rs. 95.55 and has touched a high and low of Rs. 99.50 and Rs. 93.05 respectively. So far 60493 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 99.50 on 7-Jan-2022 and a 52 week low of Rs. 47.55 on 24-Feb-2021.
Last one week high and low of the scrip stood at Rs. 99.50 and Rs. 84.85 respectively. The current market cap of the company is Rs. 471.92 crore.
The promoters holding in the company stood at 45.21% and Non-Institutions held 54.79%.
Foods & Inns has received approval from the Government of India under Production Linked Incentive (PLI) scheme -- category 3, under which the company has to incur Branding & Marketing expenditure to build its own brands outside India between FY2021-22 to FY2025-26. The government under this incentive scheme will reimburse the company 50% of the Branding & Marketing spends on a yearly basis from FY22-23 to FY26-27. These incentives will be in the form of direct bank transfers to the company upon achieving yearly milestones as committed under the scheme.
Foods & Inns is a leading internationally reputed manufacturer and exporter of fruit pulp and concentrates in canned and aseptic packing, frozen pulp and vegetables, fruit powders etc.
