From SME to Mainboard: This micro-cap multibagger stock skyrocketed 1,000 per cent returns in just 1 year!
The shares of the company saw a spurt in volume by more than 2.77 times on BSE.
On Wednesday, the benchmark indices ended the day flat. BSE Sensex Index is up by 0.14 per cent at a level of 63,228.51. In the broader markets indices were trading higher, BSE Mid-Cap Index up 0.20 per cent and BSE Small-Cap index up 0.42 per cent.
Today, shares of Sprayking Agro Equipment Ltd jumped 5 per cent upper circuit to Rs 168.15 per share from its previous closing of Rs 160.15. The stock also traded at a new 52-week high of 168.15 per share. At the closing bell, shares of the company were trading at Rs 167.30 per share, up 4.46 per cent. The stock is hitting back-to-back upper circuits and 62-week highs in recent trading sessions.
Recently, the company along with its group entities has received orders worth Rs 60 crore for the supply of brass parts to the party to be completed in 1 year span. Earlier to this, the company completed the migration from the BSE SME platform to BSE Mainboard. Additionally, in the financial year 2023-2024, The Board of Directors of the company approved bonus shares in the proportion of 2:3 which had a record date of April 28, 2023.
Commenting on this development, Mr Hitesh Dudhagara, Managing Director of Sprayking said: “We are glad to announce that we have received In-Principle approval from BSE for Migration from SME to Mainboard. The board had approved migration in a Meeting dated March 16, 2023, followed by approval of shareholders by Postal Ballot dated April 21, 2023. After the great effort by the team and cooperation of BSE, Company received approval on June 02, 2023. This migration of the Company to the Main Board will enhance recognition of the Company and improve the brand image of the Company and our business will now be recognized on a greater scale plus more retail investors would participate. I thank the entire team of Sprayking and all our partners for their efforts, hard work and dedication in pushing the Company forward.”
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Sprayking Agro Equipment Limited manufactures hand tools and accessories. The company offers sprayers, plumbing components, screws, transformer parts, and other related products. Sprayking Agro Equipment markets its products only in India. The shares of the company saw a spurt in volume by more than 2.77 times on BSE.
Talking about the financials, Sprayking Agro Equipemts has a market cap of Rs 176.80 crore with a 3-year CAGR of 176 per cent. The company reported stellar half-yearly results (H2FY23) and annual results (FY23).
The stock gave multibagger returns of 568 per cent in just 6 months and over 1,000 per cent in just 1 year. Investors should keep an eye on this stock.