Mutlibagger GRM Overseas shares rebound as company launches new product line

Mutlibagger stock GRM Overseas has unveiled a new product line of packaged food products in the domestic markets, the company informed the exchange via regulatory filing. The company will be selling the newly launched products through its subsidiary company GRM Foodkraft Private Limited.

The company has entered in the business of besan (gram flour), daliya (porridge), maida (refined wheat flour), poha (rice flake) and sooji (semolina). The company will sell these products under the '10x Shakti' brand, the exchange filing said. The staple product line was launched on Tuesday, August 22.

GRM Overseas is among India’s leading basmati rice exporters and a growing consumer staples player. These new products will be available to consumers through general trade and modern trade channels, with a special focus on the various e-commerce platforms to ensure a wider reach of these products, the company said in the exchange filing.

Shares of GRM Overseas rebounded around 3 per cent from the early losses to trade at Rs 175.60 on Tuesday with a total market capitalization of more than Rs 1,050 crore. However, the stock had settled at Rs 173.50 in the previous trading session on Monday. The stock is up about 2,200 per cent from its Covid-19 lows at Rs 7.91 per share.

These products are widely used across the country and have been carefully crafted to enhance the daily lives of consumers, providing convenience, quality, and reliability, the company said in its release.

Incorporated in 1974, GRM Overseas has transformed itself into a consumer staples organisation. During the initial years, GRM exported rice to the Middle East, the United Kingdom, and the United States and now has a market for its products in more than 40 countries.

GRM has three rice processing units with an overall annual production capacity of 4,40,800 MT-based out of Haryana and Gujarat. The company has a warehousing facility of 1.75 lakh square feet space facilitating speedy shipments from Kandla and Mundra ports.

GRM owns '10X', 'Himalaya River' and 'Tanoush' as the brand names of its products.

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