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GRM Overseas Share Price Rises 2% on Launch of Diabetic-Friendly Basmati Rice

The share price of GRM Overseas rose over 2% on Tuesday, April 21, following the company's announcement of the launch of its "10X Basmati Rice Suitable for Diabetics." The small-cap stock is currently trading just 11% below its 52-week high.

In a filing with the exchange, the firm announced that the product will be rolled out in major domestic and international markets, in line with its plan to broaden its portfolio of health-oriented offerings worldwide. This launch occurs in response to the escalating demand for healthier food choices, spurred by a rise in diabetes cases, urban living, and heightened health consciousness.

The new offering combines the aroma and quality of premium basmati rice with features aimed at improved glycaemic management, including low GI and high fibre content. The launch also supports GRM's broader transition toward becoming a diversified, consumer-centric food company.

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GRM Overseas has transformed from a small rice processing and trading business into an expanding player in the consumer staples sector. Originally focused on exporting rice to the Middle East and the UK, the company has gradually broadened its international presence, now catering to markets in 42 countries and ranking among the top five rice exporters in India.

The company operates three rice processing facilities with a total annual capacity of 440,800 metric tonnes, situated in Panipat and Naultha in Haryana, as well as Gandhidham in Gujarat. Additionally, it boasts a 175,000 sq. ft. warehousing space near its Gandhidham plant, which facilitates efficient shipping through Kandla and Mundra ports.

GRM Overseas promotes its products under various brands including 10X, Himalaya River, and Tanoush, and also services private label requests. In the past few years, GRM has enhanced its direct-to-consumer footprint through prominent retail networks worldwide.

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On Tuesday, GRM Overseas share price opened at ₹162.30 apiece on the BSE, the stock touched an intraday high of ₹165.70 per share, and an intraday low of ₹161.90 per share. According to Ruchit Jain, Head - Equity Technical Research, Wealth Management, Motilal Oswal Financial Services, the stock is in a consolidation phase since last four months wherein it has formed a support base in the range of ₹145-140. On the higher side, 175 is the immediate hurdle and a breakout above this with good volumes could lead to a short term positive momentum.