Indian agricultural equipment manufacturer Sprayking Agro Equipment Limited is set to continue its growth with the announcement of an initial public offering (IPO) for its subsidiary Narmadesh Brass Industries Limited. The Managing Director, Mr. Hitesh Dudhagara, today confirmed this strategic move, which is aimed at strengthening the market presence and financial health of the company.
The IPO is part of Sprayking’s broader strategy to expand its manufacturing capabilities and meet the growing demand for brass components, both domestically and internationally. To support this ambition, the company recently took over a new manufacturing facility in Jamnagar, which will significantly increase its production capacity.
Positive investor sentiment was evident today at market open on the Bombay Stock Exchange (BSE), where Sprayking’s stock surged 5%, hitting the upper circuit with shares priced at ₹243. This rally follows the company’s latest financial report, which highlighted heavy trading volume with over 35,462 shares leading to a net turnover of around ₹8.29 million. The stock ended the day at ₹231.65 per share after hitting an intraday high.
The recent acquisition by Sprayking reflects a calculated effort to strengthen its production capabilities, with the Jamnagar factory expected to produce up to 2,000 tonnes of forged brass products annually. Dudhagara noted that the unwavering support of stakeholders has been crucial to their journey to success.
Investors are closely watching Sprayking as it goes through this expansion phase, which includes increasing its stake to 51% in Narmada Brass Industries. These steps aim to strengthen Sprayking’s position as a key player in the agro-equipment industry while meeting the strong demand in different markets.
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