GRM Overseas Shares Rise Over 7% On Footprint Expansion Plan Globally In Georgia

The shares of GRM Overseas opened on the NSE on Monday, July 8, at Rs 203.99 apiece. They quickly rose to an intraday high of Rs 210, marking a rise of more than 7.80% from the previous close. The spike in the value of the shares followed GRM Overseas' announcement today that it had reached an agreement with DIPLOMAT GEORGIA to market its own brand of basmati rice, called "Tanoush," through DIPLOMAT distribution channels. There will be pack sizes of 1 kg, 5 kg, and 20 kg for the "Tanoush" basmati rice.

For a period of two years, Diplomat Georgia will be the only distributor of GRM Overseas products in Georgia, in accordance with the conditions of the agreement. The Diplomat Group is also present in New Zealand, Israel, and Cyprus.

Mr. 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. Thecollaboration is strategically important for us, as it will further boost our brand awareness and customer-base."

On July 4, GRM Overseas Limited received an order for rice worth Rs. 600 million from Bin Awadh Alnaqeeb Group in Yemen. This is the biggest order that the company has ever received from the distributor/importer located in Yemen. The largest importer of Indian basmati rice, Bin Awadh Alnaqeeb Group, will receive deliveries of Indian basmati rice from GRM Overseas, in accordance with the agreement.

The company has also recently informed stock exchanges about the Extra-Ordinary General Meeting ("EGM") of the shareholders of M/s. GRM Overseas Limited, which is scheduled to be held on Saturday, July 13, 2024 at 12:30 P.M. (IST) through Video Conference ("VC") / Other Audio-Visual Means ("OAVM").

GRM exported rice to the United States, the United Kingdom, and the Middle East in its initial years of operation. By progressively broadening its geographical reach, GRM has created a market for its rice in 42 nations, earning it the distinction of being India's third-largest rice exporter. GRM operates three rice processing facilities in Panipat, Haryana, Naultha, Haryana, and Gandhidham, Gujarat, with an aggregate yearly production capacity of 4,40,800 MT. In addition, the company has a 1.75 lakh square foot warehouse facility near to the Gandhidham plant, which enables quick shipments from the ports of Kandla and Mundra. In addition to selling products under its own brands, 10X, Himalaya River, and Tanoush, GRM also engages in private label sales under the brands of its clients.