1460% return in 5 years: Stock of this FMCG company in focus after announcement of global expansion
The counter is in focus as the company has declared foraying into the Georgian market and expanding its overseas business.
Shares of GRM Overseas, an FMCG and basmati rice exporting company, are in focus after the company announced its global expansion. The counter opened in green at Rs 212 and surged further to hit the day's high of Rs 226.70 - a gain of 8.99 per cent from the previous closing of Rs 207.15.
The counter has been gaining for the last two days and has risen 11.91 per cent. According to BSE analytics, the scrip has given a multibagger return of 1460 per cent in 5 years. However, it has given a 31 per cent return in one year and a negative return of 39 per cent in two years.
The counter is in focus as the company has declared foraying into the Georgian market and expanding its overseas business.
"GRM Overseas, one of the leading Indian basmati rice exporters and India's leading food FMCG, is pleased to announce that GRM has entered into an agreement with DIPLOMAT GEORGIA to place its own brand of basmati rice 'Tanoush" through DIPLOMAT Distribution Channels. This move is a strategic one, as it opens up a new and promising market for us in Georgia. 'Tanoush' basmati rice will be available in 1 kg, 5kg, and 20 kg pack sizes," the company said in an exchange filing.
Meanwhile, equity benchmark indices rebounded in early trade on Tuesday amid buying in blue-chip stocks and foreign fund inflows.
The 30-share BSE Sensex climbed 205.99 points to 80,166.37 in early trade. The NSE Nifty went up by 53 points to 24,373.55.
Among the Sensex pack, Maruti Suzuki India, Mahindra & Mahindra, Titan, Tata Motors, Larsen & Toubro, HDFC Bank and State Bank of India were the biggest gainers.
Hindustan Unilever, Tech Mahindra, Axis Bank and Infosys were among the laggards.
In Asian markets, Seoul and Tokyo were trading higher while Shanghai and Hong Kong quoted lower. US markets ended mostly higher on Monday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 60.98 crore on Monday, according to exchange data.
Global oil benchmark Brent crude declined 0.28 per cent to USD 85.51 a barrel.
The BSE benchmark declined 36.22 points or 0.05 per cent to settle at 79,960.38 on Monday. The NSE Nifty dipped 3.30 points or 0.01 per cent to 24,320.55.
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