Up over 600% in 3 years, agro products major GRM Overseas launched new product line

GRM Overseas, a leading agro company, has delivered multibagger returns to its investors. The company has now announced to expand its products portfolio by launching new packaged food items as a part of its strategy to expand its footprints in the packaged food market, according to an exchange filing by the company.

One of the leading rice exporters in India, GRM has introduced its products under the '10X Shakti' brand portfolio. The company will market its newly launched products through its subsidiary company GRM Foodkraft.

"The launch is part of ongoing efforts to expand domestic footprints and become a preeminent and standalone consumer staples firm," Atul Garg, MD, said in a statement.

GRM shares on Tuesday closed in red at Rs 173.10. According to exchange data, its shares are on a downtrend for the past year, delivering a negative return of 54 per cent.

However, the small-cap company's shares have delivered a multibagger returns of more than 600 per cent in the last three years. It has made shareholders richer by 950 per cent in five years. The company has a market capitalisation of Rs 1,039 crore.

GRM is among India’s leading basmati rice exporters in the country. It exports its products to nearly 38 countries. The company has three rice processing units in Gujarat and Haryana and owns brands like 10X, Himalaya River and Tanoush.

Meanwhile, benchmark stock indices Sensex and Nifty closed flat after a volatile trade on Tuesday as investors booked profits amid concerns over potential rate hikes in the US and persistent foreign fund outflows.

The BSE barometer eked out gains of 3.94 points or 0.01 per cent to settle at 65,220.03. During the day, it climbed 146.82 points or 0.22 per cent to a high of 65,362.91. The NSE Nifty inched up 2.85 points or 0.01 per cent to settle at 19,396.45.