Small-cap stock GRM Overseas jumps 9% after this order book update. Details here

GRM Overseas latest news

The small-cap institution informed the Indian stock market astir an bid publication update saying, "GRM Overseas Limited (GRM) 155.40 apiece o. The bid is worthy Indian Rupees 465 million."

The Govt. entities successful the MENA portion unfastened a important people marketplace for GRM Overseas with an approximate full size of 7,00,000 MT + import of Basmati Rice.

Speaking connected the development, Atul Garg, Managing Director astatine GRM Overseas said, "We are thrilled to person received this maiden bid from the Sultanate of Oman, 1 of the largest consumers of Indian basmati rice. This signifies Oman's designation of the prime of our basmati atom and its increasing request successful the country. We spot this bid arsenic a gateway to regular concern opportunities successful the Middle East, the largest user portion of basmati rice. We look guardant to further strengthening our beingness successful this portion and diversifying our business."

MENA portion is the largest importer of Basmati Rice, having a lion’s stock of ~78% of the full exports from India successful FY23, portion Europe contributes 6.9% and USA + Canada lend 6.6% (FY23). GRM Overseas has positioned itself strategically, arsenic 95% of its export concern is to the MENA region, and has established itself arsenic among the apical 5 Basmati Rice exporters successful the MENA region.

Disclaimer: The views and recommendations made supra are those of idiosyncratic analysts oregon broking companies, and not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 29 Apr 2024, 03:19 PM IST