GRM Overseas Shares Extend Rally, Up Over 9% On Account of Volume Breakout

GRM Overseas shares on Thursday extended gains as they rallied over 9 per cent on huge volume. The stock was trading near the day's high around 12:20 PM, at Rs 225 apiece on NSE. Its day's high is Rs 230.40 which translates into an increase of more than 9 per cent from the previous session's close of Rs 210.50 on NSE.

More than 15 lakh equity shares of the agriculture products company traded during till this report was published. The total trade value stood at more than Rs 35 crore.

GRM Overseas is a small cap category stock. The rally in its price is in line with the gains in the S&P BSE SmallCap index that touched a fresh 52-week high of 38,169.65.

Earlier on Wednesday, GRM Overseas shares had rallied more than 17 per cent.

The company recently announced the launch of a new line of packaged products under the '10X Shakti' brand through its subsidiary, GRM Foodkraft.

"The management has crafted new product range to ensure it aligns perfectly with the evolving demands of modern households. This is an important and progressive step for our domestic branded business," Atul Garg, MD, said.

According to KKunal V Parar, VP, Technical and Algo Research, Choice Equity Broking, GRM Overseas shares have shown magnificent moves in the last few sessions along with above-average volume.

GRM shares are trading above its 100-day moving average. He added that the stock is expected to show a good move from the current level. It can touch the level of Rs 260 in the short term.

GRM Overseas is engaged in the agricultural products industry. Its shares have delivered a massive 1221 per cent return in 5 years and 944 per cent in three years.