FMCG stock GRM Overseas jumps 18% after promoter stake buy news. Experts see more upside
Stock market today: GRM Overseas shares have been on an uptrend since early morning deals. Today, the FMCG stock opened upside at ₹150 apiece on MSE and touched an intraday high of ₹175 per share, recording an intraday rise of more than 18 percent on Thursday.
The agro-product company was in the news today as the company's promoter, Atul Garg, demonstrated his confidence in the company's future by buying an additional 0.12 percent of the company's shares. As per the exchange filing by GRM Foods Ltd, Atul Garg purchased 73,000 GRM Overseas shares on Monday this week, increasing his net stake in the company to 72.28 percent.Stock market experts are optimistic about GRM Overseas, citing the company's focus on Capex and the recent stake purchase by the promoter as key factors that could attract long-term investors.
They also note that the stock's chart pattern is still indicating a positive trend, with a potential to reach the ₹200 apiece mark in the near term. This promising development could instill confidence in shareholders and potential investors alike.Also Read: LIC-owned penny stock hits upper circuit for fourth day in a rowSpeaking on the outlook of GRM Overseas shares, Sandeep Pandey, Founder of Basav Capital, said, "The company is working on its Capex and in Modi 3.0, manufacturing and agric commodity stocks are expected to work in favour of long-term investors.
So, the move by the promoter to raise stake is a good move as it would attract the attention of Dalal Street bulls."Also Read: Paytm share price jumps 30% in one week. More steam left?Discussing the strategic move of the promoter, Sandeep Pandey highlighted, "A promoter buys a stake in its company when the stock is expected to shoot up, or it is expected to
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