Strengthening retail outreach and Market Expansion

Major Triggers:

• With 125 + distributors, 1,03,545 Kirana stores tie up
• Acquired manufacturing facility in Gandhidham Gujarat to cater to export market and for Private labeling
• Subsidiary set up “GRM food Kart Private limited to specifically focus on the domestic marketing through 10X brand
• Launched varieties of packaged rice under 10X brand in domestic market
• Tie up with major companies like Reliance, Walmart, Elastic Run, Spencer, star bazar and setting up FMCG distribution.
• GRM foodkart picked up 50% stake in  Tobox  ventures pvt ltd a food tech app
• Tie up with udaan listing in E commerce platform like Amazon, flipkart and others
• Launched Ready to cook range and 10X Shakti chakki fresh Atta
• Launched India’s Basmasti Rice Variety “ Zarda king, golden sella Basmati Rice”

Company Update:

GRM Overseas Secures Maiden Government Order to Supply Premium Basmati Rice to Oman

Panipat, Haryana: GRM Overseas Limited (GRM) has received its first order from the Ministry of Agricultural, Fisheries Wealth & Water Resources, Sultanate of Oman, to supply 4,500 MT of Premium basmati rice The order is worth Indian Rupees 465 million.

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

MENA region is the largest importer of Basmati Rice, having a lion's share ~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 MENA region.

Managing Director Mr. Atul Garg further added, "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."

From humble inception in 1974 to redefining itself in the form of GRM, the Company has travelled a long way since then. Initially set up as a rice processing and trading house, it is growing to become a consumer staples organisation. During the initial years, GRM exported rice to the Middle East, the United Kingdom, and the United States. Gradually expanding its reach, GRM has developed a market for its rice in 42 countries, thereby achieving the title of the 3rd leading Rice Exporter in India. GRM has three rice processing units with an overall annual production capacity of 4,40,800 MT-based out of Panipat (Haryana), Naultha (Haryana) and Gandhidham (Gujarat). Additionally, the Company has a warehousing facility of 1.75 Lakhs sqft space adjacent to the Gandhidham plant facilitating speedy shipments from Kandla and Mundra ports.

GRM sells products under its brands, namely "lOX", "Himalaya River" & "Tanoush," and also sells through private label arrangements under customers' brands. GRM has endeavoured to reach consumers directly with its brands and products in recent years. By placing its products on the shelves of several major retailers in India and abroad, GRM has ensured that the end consumer always has easy access to their high-quality products. The Company aims to deliver the best quality products to customers with stringent and proactive quality control procedures in place, according to international requirements.

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Technical Overview

Stock is taken Support on EMA 50 and 30, Stock is into good momentum, stock closing above 160 can give huge breakout along with momentum for the target of 200 and 250 in short term horizon.

ANALYST : KUNNJ LALKA

EMAIL-info@smartinvestment.in