FMCG stock GRM Overseas jumps 18% after promoter stake buy news. Experts see more upside

  • Stock market today: The company is working on its Capex and in Modi 3.0, manufacturing and agric commodity stocks are expected to work in favour of long-term investors, say experts

Asit Manohar
Published13 Jun 2024, 02:12 PM IST
FMCG stock opened with an upside gap at  <span class='webrupee'>₹</span>150 apiece on NSE and touched an intraday high of  <span class='webrupee'>₹</span>175 per share.
FMCG stock opened with an upside gap at ₹150 apiece on NSE and touched an intraday high of ₹175 per share.(Photo: iStock)

Stock market today: GRM Overseas shares have been on an uptrend since early morning deals. Today, the FMCG stock opened upside at 150 apiece on MSE and touched an intraday high of 175 per share, recording an intraday rise of more than 18 percent on Thursday. The agro-product company was in the news today as the company's promoter, Atul Garg, demonstrated his confidence in the company's future by buying an additional 0.12 percent of the company's shares. As per the exchange filing by GRM Foods Ltd, Atul Garg purchased 73,000 GRM Overseas shares on Monday this week, increasing his net stake in the company to 72.28 percent.

Stock market experts are optimistic about GRM Overseas, citing the company's focus on Capex and the recent stake purchase by the promoter as key factors that could attract long-term investors. They also note that the stock's chart pattern is still indicating a positive trend, with a potential to reach the 200 apiece mark in the near term. This promising development could instill confidence in shareholders and potential investors alike.

Also Read: LIC-owned penny stock hits upper circuit for fourth day in a row

Triggers for GRM Overseas shares

Speaking on the outlook of GRM Overseas shares, Sandeep Pandey, Founder of Basav Capital, said, "The company is working on its Capex and in Modi 3.0, manufacturing and agric commodity stocks are expected to work in favour of long-term investors. So, the move by the promoter to raise stake is a good move as it would attract the attention of Dalal Street bulls."

Also Read: Paytm share price jumps 30% in one week. More steam left?

Discussing the strategic move of the promoter, Sandeep Pandey highlighted, "A promoter buys a stake in its company when the stock is expected to shoot up, or it is expected to go down deeper. In this case, the stock is already skyrocketing, and the promoter's decision to buy a stake in the current market indicates their expectation of further upside in the company's share price. This move could reassure investors about the company's future prospects."

GRM Overseas share price

Reiterating the positive chart pattern and potential rise in GRM Overseas shares, Sumeet Bagadia, Executive Director at Choice Broking, provided a clear forecast for the investors. He advised, "GRM Overseas shares are currently showing a bullish trend on the chart. For those who already hold GRM Overseas shares in their portfolio, it is recommended that the scrip be maintained with a stop loss of 155. The stock is expected to reach 485 and 200 in the near term, which could be a positive development for shareholders."

For fresh investors, Sumeet Bagadia provided a clear strategy. He said, "Fresh investors can buy the scrip at the current level and maintain a buy-on-dips strategy till the stock is above 1155. They can buy the stock for short-term targets of 185 and 200." This strategy is based on the current market conditions and the stock's potential for growth.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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First Published:13 Jun 2024, 02:12 PM IST
HomeMarketsStock MarketsFMCG stock GRM Overseas jumps 18% after promoter stake buy news. Experts see more upside

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