The shares of a leading producer of sprayer components in India rose around 13.7% to ₹238 per share following board approval of a stock split in the ratio of 1:5.
At 11:55 a.m., Sprayking Ltd shares were trading at ₹229.55 apiece, up 9.65% from the previous close price on the national stock exchange. The company has a market capitalization of ₹242 crore.
The company’s board has approved the subdivision/split of equity shares, transitioning from ₹10 face value to ₹2 each in a 1:5 ratio. Consequently, shareholders will receive 5 additional shares for each share held. The Record Date is set for Friday, April 12, 2024, as disclosed in the company’s exchange filing.
Spraying Limited recently announced a ₹18 crore expansion project for its manufacturing facility, involving the importation and installation of cutting-edge machinery. These enhancements to integrate in Spraying Limited’s modern 3,000-square-meter manufacturing plant
Sprayking Limited (formerly known as Sprayking Agro Equipment Limited) is engaged in the manufacturing of brass components and parts, including fittings, forging equipment, transformer parts, and other customized brass components, Sprayking is a renowned manufacturer specialising in copper forging products.
Sprayking is in the business of manufacturing and trading of agricultural sprayer parts & garden fittings, extruded brass rods, brass fittings & lead-free. The company exports its products to the USA, Europe, Australia, Canada, South Africa, UAE & India.
Additionally, the company manufactures Plumbing Fittings products which are used in bathroom fittings, kitchen fittings, etc. The type of Plumbing Fittings include Adapters, Unions, couplings, Cross, Tees, Elbows, Bushings, and Valves.
The Company experienced substantial growth in its financials, with revenue soaring by 520% from ₹5.27 crores in Q3 FY23 to ₹32.65 crores in Q3 FY24. Net profit also surged by 1062% from ₹0.29 crore to ₹3.37 crore during the same period.
Sprayking Ltd shares surged by 26% in the past six months and by 205% in the last 12 months, exemplifying remarkable shareholder returns. For instance, an investment of ₹1 lakh in the company a year ago would now be valued at ₹3.05 lakhs.
Additionally, the company recently acquired a 3,000 sq m manufacturing facility in Jamnagar, Gujarat, aiming to bolster its production capabilities for brass and forging components, thereby strengthening its market presence.
Moreover, it expanded its business scope by acquiring a 51% stake in Narmada Brass Industries, enhancing its production capacity of copper-brass goods to 2,000 tonnes annually. This strategic move aligns with the company’s efforts to meet burgeoning demands in both domestic and international markets.
Written by Omkar Chitnis
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