GRM Overseas Shares Zooms 8% As Board To Consider & Approve Fundraising Soon

The Board of GRM Overseas will meet on 22 June 2024 to consider and approve the proposal of raising funds by way of preferential issue of securities to the person belonging to the promoter/ promoter group/ Non-promoter group category subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the company.

GRM Overseas shares have been on an uptrend since early morning deals. Today, the FMCG stock opened upside at Rs.180 apiece on NSE and touched an intraday high of Rs. 189.70 per share, recording an intraday rise of more than 11 per cent on Tuesday.
Recently, the agro-product company was in the news today as the company's promoter, Atul Garg, demonstrated his confidence in the company's future by buying an additional 0.12 per cent of the company's shares. As per the exchange filing by GRM Foods Ltd, Atul Garg purchased 73,000 GRM Overseas shares on Monday this week, increasing his net stake in the company to 72.28 per cent.

Earlier, this quarter, the company informed exchanges that it had received an order from the Ministry of Agricultural, Fisheries Wealth & Water Resources, Sultanate of Oman. According to an exchange filing, this is the maiden government order secured by the company. The order is worth Rs 465 million. GRM has received its first order from the Ministry of Agricultural, Fisheries Wealth & Water Resources, Sultanate of Oman, to supply 4,500 MT of Premium basmati rice The order is worth Indian Rupees 465 million.

GRM Overseas reported standalone quarterly numbers where net sales stood at Rs 365.44 crore in March 2024 up 1.69% from Rs. 359.38 crore in March 2023. Quarterly Net Profit at Rs. 15.68 crore in March 2024 up 77.13% from Rs. 8.85 crore in March 2023.
EBITDA stands at Rs. 25.92 crore in March 2024 up 20.39% from Rs. 21.53 crore in March 2023. GRM Overseas EPS has increased to Rs. 2.61 in March 2024 from Rs. 1.48 in March 2023.

GRM Overseas sells a variety of Basmati Rice under Brand 10X Zarda King XXL, Wheat flour (atta), gram flour (besan), bulgur (daliya), semolina (sooji), Flattened rice (poha) and more under its 10X Shakti brand. The company also has a ready-to-cook product portfolio including Hyderabadi Biryani, one-pot Moradabadi Biryani and others.
GRM Foodkraft has a presence in online and offline retail as well as the D2C segment. It has over 52 distribution centres, serving more than 1,60,000 Kirana stores.