Small-cap stock GRM Overseas jumps 9% after this order book update. Details here

Small-cap stock in focus: GRM Overseas shares are one of those small-cap stocks that have been in uptrend since early morning deals. GRM Overseas share price today opened upside at ₹143.40 per share on NSE and soon gathered upside momentum after the exchange filing news signaling a fresh order worth ₹46.50 crore. GRM Overseas share price continues to scale upside and touch an intraday high of ₹155.40 per share, logging an intraday gain of nearly 9 percent on Monday.

GRM Overseas latest news

The small-cap company informed the Indian stock market about an order book update saying, "GRM Overseas Limited (GRM) 155.40 apiece o. The order is worth Indian Rupees 465 million."

The Govt. entities in the MENA region open a significant target market for GRM Overseas with an approximate total size of 7,00,000 MT + import of Basmati Rice.

Speaking on the development, Atul Garg, Managing Director at GRM Overseas said, "We are thrilled to have received this maiden order from the Sultanate of Oman, one of the largest consumers of Indian basmati rice. This signifies Oman's recognition of the quality of our basmati rice and its growing demand in the country. We see this order as a gateway to regular business opportunities in the Middle East, the largest consumer region of basmati rice. We look forward to further strengthening our presence in this region and diversifying our business."

MENA region is the largest importer of Basmati Rice, having a lion’s share of ~78% of the total exports from India in FY23, while Europe contributes 6.9% and USA + Canada contribute 6.6% (FY23). GRM Overseas has positioned itself strategically, as 95% of its export business is to the MENA region, and has established itself as among the top 5 Basmati Rice exporters in the MENA region.

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