FMCG stock on cusp of breakout. Experts see 40% upside in short term despite 55% rally in two months

Breakout stock: Despite volatility in the Indian stock market, GRM Overseas shares are under the watch list of market experts. According to stock market experts, FMCG stocks are expected to pick up momentum after the RBI MPC meeting, and GRM Overseas shares can be a good stock to buy today. They said that the FMCG stock is on the cusp of giving a fresh breakout at ₹228 to ₹230 apiece level, and on breathing above this mark on a decisive basis, it may touch ₹280 and ₹320 per share mark in the short and medium term. A short-term investor can expect around 40 per cent upside in this FMCG stock, around ₹205. The FMCG stock has rallied to ₹205 apiece mark during Thursday's session on the NSE after its recent low of ₹130 on 4th June 2024.

Triggers for GRM Overseas shares

Saurabh Jain, Vice President of Research at SMC Global Securities, said, "The RBI has kept the GDP growth rate for the financial year 2024-25 unchanged at 7.20 per cent despite various challenges from the global economy. This augurs well for the national economy. So, liquidity flow is expected to continue in the markets." he said that RBI's guidance for FY25 augurs well for the FMCG segment.

"As the Indian stock market is trading at higher valuations, FMCG stocks with high growth potential can be a good value pick for those planning to rejig their portfolios," said an SMC expert.

Expecting a sharp upside in GRM Overseas share price, Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, said, “GRM OVerseas witnessed a sharp upside rally after giving a fresh breakout at ₹150. The stock is on the cusp of giving another breakout at ₹228 to ₹230 apiece level as it has retraced twice after trying to breach above this breakout level. On breaching above this resistance, GRM OVerseas shares may touch ₹280 in the near term, whereas, in the medium term, we can expect the stock to touch the ₹320 per share target.”

GRM Overseas news

GRM Overseas, a renowned Indian exporter of basmati rice and a key player in the FMCG sector, announces a strategic partnership with Solaris Invest in Morocco. This collaboration represents a pivotal moment in GRM's global expansion efforts as it introduces its flagship basmati rice brand 'Tanoush' to Moroccan consumers via Solaris Invest's wide-reaching distribution network.

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.