India's GRM Overseas jumps on buying stake in Rage Coffee

GRM Overseas

28/08/2024 10:21

** Shares of GRM Overseas  GRMO.NS  jump as much as 4.3% to
281 rupees, last up 3.2% 
    ** The consumer goods firm said it acquired 44% stake in
Swmabhan Commerce, owner of online coffee seller Rage Coffee
    ** GRMO says deal is part of its aim to invest 2 bln rupees
($23.8 mln) in digital brands
    ** Co aims to derive 20% of its future revenue from
companies like Rage Coffee - GRMO 
    ** At current price, stock is up ~32% in August so far, set
for its biggest monthly gain since listing in September 2022 

($1 = 83.9550 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))