FMCG stock GRM Overseas jumps 3% after Q2 results 2024 -25 despite stock market crash. Do you own?

Stock Market today- FMCG stock GRM Overseas Ltd share price gained 3% in the morning trades on Thursday despite weakness in the markets as the correction phase continued. GRM Overseas share price nevertheless bucking the trend in broader markets, gained post company having declared Q2 2024-25 Results after the market hours on Wednesday.

GRM Overseas Ltd share price opened at ₹196.50 levels on the BSE on Thursday, slightly lower than previous close of ₹200.10 on Wednesday. The GRM Overseas share price thereafter gained to intraday highs of ₹208.75, which translated in to gains of 3% by GRM overseas share price.

GRM Overseas share price though has corrected 13-14 % in last one month with selling pressure seen in the broader markets amidst ongoing correction. GRM Overseas share price nevertheless is still up 47% during past 6 months.

GRM Overseas had reported its financial performance on Wednesday post market hours. The revenues of operation of GRM overseas rose to ₹315.49 Crore during July - September 2024 quarter compared to ₹203.66 Crore in the year ago quarter marking gains of 55% year on year. Compared to ₹370 crore in the April - June 2024 quarter, GM Overseas revenues were slightly lower sequentially.

GRM Overseas net profit at ₹9.19 Crore during Q2 FY24 also grew 39% year on year compared to ₹6.62 crore in the year ago quarter.

GRM Overseas expanding its global reach also had announced recently its partnership in Chile. GRM Overseas in its release on the exchanges 'had said that is expanding its global presence through a partnership with SUPERMERCADOS CENTRAL LTD in Chile.

This collaboration as per the company represents a pivotal moment in GRM's global expansion efforts, as it introduces its flagship basmati rice brand ‘Tanoush’ to Chilean consumers via SUPERMERCADOS CENTRAL LTDA wide-reaching distribution network. ‘Tanoush’ will be offered in 1kg and 5kg Packs.

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