Multibagger penny stock under Rs 40 with 1,600 per cent returns; Board likely to announce bonus shares post 5:1 stock split

The stock is up by 36 per cent from its 52-week low of Rs 27.72 and gave multibagger returns of over 1,600 per cent in 5 years.

Sprayking Limited (Formerly known as Sprayking Agro Equipment Limited) informed that a meeting of the Board of Directors of the company is scheduled to be held on Monday, July 01, 2024, inter alia, to transact the following business:

1. To recommend and approve the issue of bonus shares to the equity shareholders of the company.

2. To consider and approve the draft notice of the extraordinary general meeting/ postal ballot.

3. Any other business with the permission of the chair.

Earlier, the company received an order worth Rs 15 million for 25 tonnes of brass rods from a new domestic client. This marks a milestone for the company and emphasizes its growth in the Indian market. The order aligns perfectly with the recent inauguration of Sprayking's state-of-the-art manufacturing facility in Jamnagar. This new facility, equipped with advanced machinery and technology, has significantly boosted the company's production capacity and efficiency. The investment in the new factory is a strategic step to meet the rising demand for brass rods while maintaining the highest quality standards.

Also Read: Multibagger iron & steel stock under Rs 50 emerges as the lowest bidder (L1) for an order worth Rs 117 crore from BHEL & NTPC

Furthermore, the shares of the company ex-traded stock split of equity shares in the ratio 2:1 i.e., sub-division /split of each equity share having a face value of Rs 10 each, fully paid-up into 5 equity shares having a face value of Rs 2 each fully paid-up. The record date for the stock split was Friday, April 12, 2024.  

Sprayking Ltd, founded in 1980, is a manufacturer of various brass components and parts, including fittings, equipment for forging, transformer parts, and custom-made brass items. They also produce copper forgings, agricultural sprayer parts, garden fittings, and more, and export their products to countries around the world. The company has a market cap of over Rs 200 crore.

Today, shares of Sprayking Ltd gained 1.28 per cent to an intraday high of Rs 39.47 per share from its previous closing of Rs 38.97. The stock’s 52-week high is Rs 60.04 and its 52-week low is Rs 29. The stock is up by 36 per cent from its 52-week low of Rs 27.72 and gave multibagger returns of over 1,600 per cent in 5 years. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.