Stock market today: GRM Overseas share price attracted strong buying interest from the stock market bulls during Monday deals. The FMCG company has declared foraying into the Georgian market and expanding its overseas business. Today, the GRM Overseas share price opened with an upside gap at ₹203.99 and touched an intraday high of ₹210 apiece on NSE. While climbing to this intraday high, the FMCG stock came close to its lifetime high of ₹230.40 per share.
GRM Overseas news
In its latest exchange filing, GRM Overseas informed the Indian stock market exchanges about its overseas business expansion. The company stated, “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.”
As per the terms of the agreement, Diplomat Georgia will be the exclusive distributor of GRM Overseas products in Georgia for two years. Diplomat Group also has a presence in Israel, Cyprus, and New Zealand.
Commenting on the distribution agreement, Atul Garg, Chairman & MD, GRM Overseas, said, “The distribution agreement with Diplomat Georgia is a significant step towards further strengthening our global markets. Diplomat Georgia brings with it a robust distribution network and capabilities, which will help us further strengthen our presence in that region. The collaboration is strategically important for us, as it will further boost our brand awareness and customer base.”
GRM has developed a market for its rice in 42 countries, thereby achieving the title of the 3rd leading Rice Exporter in India. Our three rice processing units back this strong market presence with an overall annual production capacity of 4,40,800 MT based out of Panipat (Haryana), Naultha (Haryana) and Gandhidham (Gujarat). Additionally, the Company has a warehousing facility of 1.75 Lakhs sq ft space adjacent to the Gandhidham plant facilitating speedy shipments from Kandla and Mundra ports. This robust infrastructure and market reach position us for continued growth and success.
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