Small-cap FMCG stock GRM Overseas jumps 5% after announcing JV with a Chilean company

Witnessing healthy buying interest for the second consecutive session, GRM Overseas share price rose 5 per cent in morning trade on BSE on Thursday, October 24, a day after the company announced a partnership with Solariz Invest in Chile. The small-cap stock opened at ₹218 against its previous close of ₹218.55 and rose 5 per cent to the level of ₹229.50 in an otherwise weak market. Around 11:40 am, the FMCG stock traded 3.73 per cent higher at ₹226.70. Equity benchmark Sensex was flat at 80,088 at that time.

The stock ended 3.4 per cent higher in the previous session, snapping a four-session losing streak.

"We would like to inform you that GRM Overseas Limited is expanding its global presence through a partnership with Solariz Invest in Chile," the company said in an exchange filing on October 23.

"This collaboration represents a pivotal moment in GRM's global expansion efforts as it introduces its flagship basmati rice brand ‘Tanoush’ to Chilean consumers via Solariz Invest’s wide-reaching distribution network. ‘Tanoush’ will be offered in 1kg and 5kg Packs."

GRM Overseas is a renowned Indian exporter of basmati rice.

According to the agreement, Solariz Invest will act as the exclusive distributor of GRM Overseas products in Chile.

"With a robust presence and proven capabilities in the region, Solariz Invest is well-equipped to boost GRM’s market penetration and enhance its brand visibility," said the company.

“Our partnership with Solariz Invest is a strategic move to bolster our global footprint. Leveraging Solariz Invest’s robust distribution network and local expertise, we aim to deepen our penetration in Chile. This collaboration underscores our commitment to expanding our international presence and delivering premium quality products to consumers," said Atul Garg, Chairman & MD of GRM Overseas.
 

GRM Overseas share price trend

The stock has seen a tepid 16 per cent gain over the last year. On the BSE, the stock hit a 52-week low of ₹114.15 on March 13 and a 52-week high of ₹288.60 on August 29 this year.

On a monthly scale, the stock is down about 11 per cent in October, following a 3 per cent fall last month.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.