GRM Overseas Limited, one of India's leading basmati rice exporters, has announced that its subsidiary GRM Foodkraft Pvt. Ltd (hereinafter referred to as "GRM" or the "Company")has entered into an agreement with Walmart to place its Products in Walmart stores. Starting April 2021 its Products will be available in Walmart stores across Tier 1 and Tier 2 cities.
In addition, the partnership with Walmart will further strengthen GRM presence in domestic market and is expected to drive the top line growth and market share in the coming years. This is an important breakthrough for GRM since Walmart has very stringent pre-qualification requirements for approval of its suppliers / vendors for purchasing any Products. In order to get vendor approval from Walmart, the Products must demonstrate the requisite quality and safety standard and must be in compliance with domestic requirements and regulations.
GRM's association with Walmart is a testament to Company's strong customer relationship as well as effective marketing capabilities in domestic as well as export market. Further, GRM strive towards more wins like these with top grocery retailers / chains in the domestic and international markets in 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 Products 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.1858 as compared to the previous close of Rs. 1769.55. The total number of shares traded during the day was 6927 in over 145 trades.
The stock hit an intraday high of Rs. 1858 and intraday low of 1835. The net turnover during the day was Rs. 12865897.