During Friday’s trading session, the shares of a leading player in the brass and metals components manufacturing industry surged 19.6 percent to Rs. 17.22 on BSE, after the company’s subsidiary secured an export order worth Rs. 25 million for brass billets from a Dubai-based company.
With a market capitalisation of Rs. 173 crores, at 12:06 p.m., the shares of Sprayking Limited were trading in the green at Rs. 16.38, up by nearly 13.8 percent, as against its previous closing price of Rs. 14.4.
What’s the News:
Narmadesh Brass Industries Limited, a subsidiary of Sprayking Limited, secured a substantial export order for 50 Tonnes of Brass Billets, to be delivered within 45 days from the purchase contract.
According to the latest regulatory filings with the BSE, the purchase order, valued at ~Rs. 25 million, comes from a Dubai-based company, with the goods destined for China.
This strategic deal marks a significant milestone for both Narmadeh Brass Industries and Sprayking Limited, underscoring their commitment to expanding their global presence and addressing the increasing demand for brass components in the international market.
About the Subsidiary:
Narmadesh Brass Industries Limited, a key subsidiary of Sprayking Limited, has been engaged in the manufacturing of brass components and forging components & parts.
For the growth of the company, Sprayking Limited acquired more than 51 percent share in Narmada Brass Industries.
Narmada Brass manufactures copper brass goods at its own facility, which has the capacity to manufacture 2,000 tons of forged products annually. With this acquisition, the business is rapidly expanding to meet new orders from both domestic and international markets.
This manufacturing facility is spread over 3,000 sq. mtr. in Jamnagar, Gujarat, and has been rented from a third party.
Previous Orders:
On 16th September, Narmadesh Brass Industries Limited, a subsidiary of Sprayking Limited, secured an export order for brass billets, valued at ~Rs. 25 million.
These brass billets will be supplied to a global client and utilised across various industries, including plumbing, electrical, and industrial applications, ensuring the company’s products reach diverse sectors worldwide.
On 20th September, Narmadesh Brass Industries Limited received an additional export order worth Rs. 50 million from a Dubai-based company for the export of brass billets to China.
Financials:
The company reported a significant growth in revenue from operations, experiencing a year-on-year increase of nearly 119 percent, rising from Rs. 16.3 crores in Q1 FY24 to Rs. 35.8 crores in Q1 FY25.
Similarly, during the same period, the company’s net profit increased from Rs. 1.04 crores to Rs. 2.35 crores, representing a rise of around 123 percent YoY.
Stock Performance
The stock has delivered negative returns of nearly 9 percent of returns in one year, as well as around 28 percent returns in the last six months. So far in 2024, the shares of Sprayking Limited have given negative returns of about 22.6 percent.
About the Company:
Established in 2005, Sprayking Limited, formerly known as Sprayking Agro Equipment Limited, is mainly engaged in the business of trading & exporting of brass items.
The company manufactures brass components and parts, including fittings, forging equipment, transformer parts, and other customised brass components, and is a renowned manufacturer specialising in copper forging products.
Sprayking is also engaged in the business of manufacturing and trading of agricultural sprayer parts & garden fittings, extruded brass rods, and brass fittings & lead-free brass fittings and forging specialty.
Written by Shivani Singh
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