Friday , September 24 2021

GRM Overseas gains as its arm enters into MOU with Spencer’s Retail

GRM Overseas is currently trading at Rs. 1002.00, up by 22.80 points or 2.33% from its previous closing of Rs. 979.20 on the BSE.

The scrip opened at Rs. 1028.15 and has touched a high and low of Rs. 1028.15 and Rs. 980.00 respectively. So far 5446 shares were traded on the counter.

The BSE group ‘XT’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1,028.15 on 30-Aug-2021 and a 52 week low of Rs. 97.73 on 24-Sep-2020.

Last one week high and low of the scrip stood at Rs. 1028.15 and Rs. 811.00 respectively. The current market cap of the company is Rs. 1200.00 crore.

The promoters holding in the company stood at 70.84%, while Institutions and Non-Institutions held 5.27% and 23.89% respectively.

GRM Overseas’ subsidiary — GRM Foodkraft has entered into a Memorandum of Understanding (MOU) with Spencer’s Retail to place its Products in Spencer’s Stores. GRM Products will be available in 155 stores of Spencer’s Retail across the country, under B2C category. The partnership with Spencer’s Retail will further strengthen GRM presence and maximize its reach in domestic market and is expected to drive the top line growth and market share in the coming years.

This is an important breakthrough for GRM since Spencer’s Retail has stringent prequalification requirements for approval of its suppliers / vendors for purchasing any Products. Spencer’s approval demonstrates GRM Product quality, safety standard and compliance with domestic requirements and regulations.

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