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Shares of Nestle India settled 1.81 per cent higher at Rs 1,9336.10 apiece on the BSE.Nestle India announced that it has received approval from the government for its proposal under the production-linked incentive (PLI) scheme for processed fruits and vegetables.In June 2021, the fast-moving consumer goods (FMCG) had submitted its proposal towards the government’s PLI scheme for the food processing sector under the eligible categories of ready-to-eat/ready-to-cook and processed fruits and vegetables, according to a regulatory filing by Nestle to the stock exchanges today.On Monday, the food processing ministry said it has approved 60 applications of investment proposals by packaged food companies, such as Amul, ITC, HUL, Britannia Industries, Parle Agro, Tata Consumer Products, and Nestle India seeking benefits under the PLI scheme. In March this year, the government had approved a PLI scheme for the food processing sector, entailing an outlay of Rs 10,900 crore.In the July-September quarter of the financial year 2021-22, Nestle India registered a net profit of Rs 617 crore, compared to Rs 538 crore in the previous April-June quarter, marking a growth of 15 per cent quarter-on-quarter.The company’s revenue from operations in the second quarter of the current fiscal stood at Rs 3,882.6 crore, compared to Rs 3,476.7 crore in the preceding June quarter, marking a growth of 12 per cent quarter-on-quarter. The growth in revenue was driven mainly from broad-based domestic sales growth which increased by 10.1 percent and – largely on volume and mix.On Tuesday, December 7, shares of Nestle India settled 1.81 per cent higher at Rs 1,9336.10 apiece on the BSE. Nestle India opened on the BSE at Rs 1,9206.60. registering an intra day high of Rs 1,9430 and an intra day low of Rs 1,8972.10, throughout the trading session today.

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