Shares Of GRM Overseas Zooms After Launch Of New Products

GRM Overseas has launched "Gulistan Kachi Ghani Mustard Oil" under its 10X brand portfolio. The mustard oil pack which comes in 1L bottles and 5L Jars will be available across the country. The launch of Gulistan Kachi Ghani Mustard Oil is a part of GRM Overseas' aim to strengthen product offerings of its subsidiary GRM Foodkraft Private Limited (GFK).

Commenting on the launch, Atul Garg, Chairman & MD, GRM Overseas said, "We are excited to introduce Gulistan Kachi Ghani Mustard Oil which will further strengthen our position in the fast-growing packaged food industry in the domestic market. Our focus has always been to reach a wide consumer base with a diverse range of products to strengthen our 10X brand. The launch of Gulistan Kachi Ghani Mustard Oil is a part of our mission to provide the Indian consumers with a basket of food staples enriched with goodness. Mustard is the only oilseed native to India and it connects us to Indian roots and farmers as well"

The company has a market cap of over Rs 1,250 crore. Shares of GRM Overseas Ltd gained 2.48 per cent today to Rs 212.70 per share from its previous closing of Rs 207.55. The stock's 52-week high is Rs 231.35 while its 52-week low is Rs 114.15.

Last week, the company has declared foraying into the Georgian market and expanding its overseas business. GRM Overseas, one of the leading Indian basmati rice exporters and India's leading food FMCG, is pleased to announce that GRM has entered into an agreement with DIPLOMAT GEORGIA to place its own brand of basmati rice 'Tanoush" through DIPLOMAT Distribution Channels. This move is a strategic one, as it opens up a new and promising market for us in Georgia. 'Tanoush' basmati rice will be available in 1 kg, 5kg, and 20 kg pack sizes.

Recently, GRM Overseas added 2.99% to Rs 199.50 after the company announced that it has bagged a new order worth Rs 60 crore from Bin Awadh Alnaqeeb Group from Yemen. As per the agreement, GRM Overseas will ship Indian basmati rice to Bin Awadh Alnaqeeb Group, which is the largest importer of basmati rice from India. The Rs 60 crore order is the biggest order the company has received from the Yemen-based importer distributor till date.

Last month, GRM Overseas has announced that the board has approved the fund-raise of Rs 136.5 crore through the issue of share warrants on a preferential basis to 33 promoters and non-promoter investors. The board has approved the allotment of up to 91,00,000 share warrants at an issue price of Rs. 150 including a premium of Rs 148 per warrant.

From humble inception in 1974 to redefining itself in the form of GRM, the Company has travelled a long way since then. Initially set up as a rice processing and trading house, it is growing to become a consumer staples organisation. During the initial years, GRM exported rice to the Middle East, the United Kingdom, and the United States.