Stock under ₹20 jumps 10% after receiving ₹50 Mil order from Dubai based company - Trade Brains

by Trade Brains | Oct 14, 2024 | 10:59 am | News, Trending News | 0 comments

Shares of this small-cap stock engaged in manufacturing, trading and exports of Brass items surged around 10 percent to Rs.15.78 per share after securing an order from Dubai-based company to supply Brass billets to China for a total value of Rs.50 Million.

In Monday’s trading session, Sprayking Ltd‘s share price reached an intra-day high of Rs.15.78 per share, rising 10 percent from its opening price of Rs.14.35 apiece. Over the past five years, the stock has delivered returns exceeding 1,400 percent.

Sprayking Limited has announced that its subsidiary, Narmadesh Brass Industries Limited, has secured a substantial export order for brass billets valued at approximately Rs.50 Million.

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This order, from a prominent Dubai-based company, is destined for China, a rapidly growing market. This deal underscores both companies’ commitment to expanding their global presence and meeting international demand for quality brass components.

Narmadesh Brass Industries is recognized for its precision manufacturing, with the brass billets designed to meet stringent international standards.

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Commenting on this development, Mr. Hitesh Dudhagara, Managing Director of Sprayking said, “We’ve thrilled to announce that our subsidiary, Narmadesh Brass Industries Limited, has secured a significant export order from China, further solidifying our position in the global brass market, this achievement demonstrates the success of our strategic focus on exports and diversification, leveraging the growing demand for high-quality brass products.”

Sprayking Limited, based in Jamnagar, India, has enhanced its production capacity by acquiring high-tech machinery worth approximately Rs.10 million (around USD 121,000).

This strategic investment, featuring equipment imported from China, will boost the company’s daily production capacity to 8,000 units, enabling it to compete more effectively with leading Chinese brands in the forging product industry.

Sprayking exports its products to various countries, including the USA, Canada, Australia, South Africa, and several European nations. This diverse geographical reach underscores the company’s commitment to catering to international demand for brass components.

In its latest financial update, the company reported remarkable net sales of Rs.35.81 crore for Q1 FY25, reflecting a staggering 120 percent increase from Rs.16.34 crore in Q1 FY24. Moreover, net profits surged by 126 percent to Rs.2.35 crore in Q1 FY25, compared to Rs.1.04 crore in Q1 FY24, highlighting significant growth during this period.

Spraykind Limited, formerly known as Sprayking Agro Equipment Ltd. is a prominent Indian company specialising in the manufacturing of brass parts, including fittings, forging equipment, and transformer components

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Written by – Siddesh S Raskar

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