The shares of this leading brass parts manufacturer rose around 4% to ₹ 274.90 per share after the company board approved the stock split.
At 12:10 p.m., Sprayking Agro Equipment Ltd. was trading at ₹271.05 per share, up 2.69% from the previous close price on the national stock exchange. The company has a market capitalization of ₹287 crore.
Sprayking Limited Board approved the stock split, reducing the face value from 10 to 2. i.e., a 1:5 stock split. This means that for every share held by the shareholder, they will get 5 shares.
Recently,Sprayking Limited announced a noteworthy ₹18 crore expansion project for its manufacturing facility, involving the import of state-of-the-art machinery. For enhancing production quality, meeting market demands, and integrating advanced manufacturing technologies to boost overall productivity and product quality.
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 customised 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.
According to a year-on-year comparison of financials, the company’s revenue climbed by 520 percent from ₹5.27 crores in Q3 FY23 to ₹32.65 crores in Q3 FY24. Within the same time period, the net profit climbed by 1065 percent, from ₹0.29 crore to ₹3.37 crore.
Sprayking Ltd shares have gained 39 percent in the last six months and 550 % in a year. For example, a shareholder investment of ₹ 1 lakh in the company a year ago would be worth ₹ 6.50 lakhs.
The company has recently acquired a 3,000 sq m manufacturing facility in Jamnagar, Gujarat, aiming to enhance its production capabilities for brass and forging components, thereby reinforcing its market presence.
In addition to this, the company has broadened its business horizons by acquiring a 51 percent stake in Narmada Brass Industries. This acquisition focuses on the production of copper-brass goods, boasting an annual capacity of 2,000 tonnes. This strategic move aligns with the company to meet the demands in both domestic and international markets.
Written by Omkar Chitnis
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