GRM Overseas Limited, one of India's leading basmati rice exporters (referred to as "GRM" or the "Company"), is pleased to announce that GRM has entered into an agreement with TESCO UK to place its own brand of basmati rice 'Himalaya River' in TESCO UK stores. Starting September 2018, 'Himalaya River' basmati rice will be available in 5kg and 10 kg pouches in around 220 TESCO stores across the UK.
In FY2018, GRM had launched its own brand of basmati rice for export and had begun retailing at large retail chains in the UK like ASDA (Walmart UK) and T.J. Morris. In addition, the partnership with TESCO will further strengthen GRM presence in the UK and is expected to drive the top line growth in the coming years. This is an important breakthrough for GRM since TESCO UK have up to 60% of the market share for basmati rice sales in the UK during the festive season.
Commenting on the development, Mr. Rohit Garg, MD, and Mr. Atul Garg, Joint MD said: GRM is proud to announce an agreement with TESCO and ready to sell its own brand of basmati rice "Himalaya river" in the UK. TESCO is a leading groceries and general merchandise retailer in the UK. Earning shelf space at TESCO for our own brand is a testament to our strong customer relationships as well as our effective marketing capabilities even in western markets. We strive towards more wins like these with top grocery retailers / chains in the international markets in the near future.
Going forward, GRM will continue to focus on diversifying from private label basmati rice offerings to high margin own brands, specialized and value-added products, and adding value through product differentiation. Taking the momentum forward with a clear strategy in mind, GRM is poised to enter into a new era of growth and to create maximum value for all our stakeholders.
Shares of GRM OVERSEAS LTD. was last trading in BSE at Rs.270 as compared to the previous close of Rs. 252. The total number of shares traded during the day was 888 in over 12 trades.
The stock hit an intraday high of Rs. 270 and intraday low of 243. The net turnover during the day was Rs. 234539.