Promoters & FIIs Increased Stake: This Small Cap Company Partners with Diplomat, Expands Presence in Georgia; Stock Rally Over 7 per cent with Heavy Volumes!
The company’s shares have delivered an impressive return of over 1300 per cent to its shareholders.
GRM Overseas, a prominent exporter of Indian basmati rice and a leading FMCG player in India has announced a partnership with DIPLOMAT GEORGIA to distribute its own brand of basmati rice, 'Tanoush', through Diplomat's distribution channels. 'Tanoush' will be available in pack sizes of 1Kg, 5Kg, and 20Kg.
Under the agreement, Diplomat Georgia will serve as the exclusive distributor of GRM Overseas products in Georgia for two years. Diplomat Group also maintains operations in Israel, Cyprus, and New Zealand.
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Mr. Atul Garg, Chairman & MD of GRM Overseas, commented on the agreement, stating, "The distribution partnership with Diplomat Georgia marks a significant milestone in strengthening our global market presence. Diplomat Georgia offers a robust distribution network and capabilities that will enhance our footprint in the region. This collaboration is strategically important as it will accelerate our brand visibility and expand our customer base."
Today, the shares of GRM Overseas opened at Rs 204 per share, compared to the previous day's closing figure of Rs 194.75 per share on the BSE. The stock has attracted a heavy volume, reflecting strong demand in the market. The current market capitalization stands at Rs 1243.50 crore, and the stock has generated an impressive multibagger return of over 40 per cent in just 1 month only.
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Financial Performance
As per the Quarterly Results, in the fourth quarter of FY24, GRM Overseas recorded a revenue of Rs 406 crore. The operating profit for Q4 FY24 stood at Rs 434 crore. The net profit for Q4 FY24 was Rs 21 crore. Looking at the annual performance, the company generated a revenue of Rs 1312 crore in FY24, compared to Rs 1379 crore in FY23. The operating profit for FY24 was Rs 72 crore, with a net profit of Rs 61 crore.
Regarding the shareholding pattern, the promoters own 72.16 per cent of the company and the public or retail investors hold 27.58 per cent. Both FIIs and Promoters have increased their stake as per the latest update.
Investors must keep this Small-Cap stock on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.