GRM Overseas Rings The Bell On Share Performance Revealing New Brand Ambassador

Today, the shares of GRM Overseas Ltd recorded a gain of over 5 per cent and the price per share shot to Rs 260.05 from the previous close price of Rs 248.40. the company has a 52-week high of Rs 289 and a low of Rs 113 indicating the company is growing and there is confidence in the market. GRM's market capitalization uncashed from Rs 1720 crore.

Last week also it made news by announcing new packs of its popular 10X brand range featuring Salman Khan, a Bollywood actor. New and bright packaging will be utilized not only for basmati rice but also for other products of the 10X line such as flour, and other products with rice grain at the center that conceals the picture of Salman Khan. Managing Director GRM Overseas Ltd Atul Garg, who was overly keen to share about the newly formed partnership, said, "We are so excited to announce the new pack with Salman Khan on it. He is the right person for our brand - strong, trustworthy, very exaggerated, - which coincidentally, describes the spirit of the brand. This update is not solely a stylization redesign; it also illustrates our determination to sell high-quality products. It will familiarize Salman Khan with the consumers and further entrench 10X in the minds of Indian consumers."

Just one month ago, the company announced that it got a 44% stake in Swabhiman Commerce's parent company, Rage Coffee, a company within the instant coffee market. This investment is consistent with GRM's investment in future strategies, ie diversification into new consumer trends. While financial terms were not detailed, GRM's acquisition elevates its [also incorrectly it should say positioned] immeasurable looking for perfect investors such as Sixth Sense Ventures, Virat Kohli the cricketer. This deal highlights GRM's over-ambition as it looks to move beyond its core business of selling rice, flour and edible oil and explore the rapidly changing consumer goods category. Rage Coffee which has made a lot of inroads in the instant coffee space, counts as an additional consumer product in the ever-diversifying offerings of GRM.

Earlier in August, GRM Overseas Ltd reported results for Q1 FY2024. The company has exhibited impressive financial results, as total income for the quarter ended in April to June 2024 is recorded to have grown by over 15% year on year y-o-y to Rs 375.25 crore from Rs 325.90 crore reported in the same quarter the year before. There was also a slight rise in the net profit for GRM of 3.35% from 17.44 crore to 18.02 crore showing the company's resilience regardless of the difficult circumstances faced.

GRM Overseas Ltd is the pioneer company in the basmati rice export market in the country and is involved in the milling, processing, and branding and non-branding of rice for the local and export markets. The flagship product, which is the 10X brand is firmly entrenched, made in Rajasthan with a top offering of basmati rice, atta flour (Shakti Chakki Fresh), and Indian ethnic ready-to-cook biryani of different regions such as Moradabadi, Hyderabadi, Lucknowi etc.