1:1 Bonus Share: Multibagger penny stock at Rs 39.40 in focus as company successfully recycles waste copper alloy scrap; Achieves zero non-compliance from Pollution Control Board
The stock is up by 23.13 per cent from its 52-week low of Rs 32 and gave multibagger returns of 1,890 per cent in 5 years.
Sprayking Limited (formerly Sprayking Agro Equipment Limited) successfully completed the first three months of production at their new Jamnagar facility, Gujarat (Plot No. 4009 & 4010, GIDC Phase III, Dared, Jamnagar, Gujarat, 361004). This new facility utilizes recycled waste copper alloy scrap to manufacture high-quality copper alloy components. This achievement demonstrates Sprayking's commitment to environmental sustainability and regulatory compliance, as evidenced by their zero non-compliance notices from the Pollution Control Board over the past three months. The state-of-the-art technology within the facility ensures efficient recycling processes while upholding strict environmental standards. This shift towards recycled materials not only reduces environmental impact but also promotes a circular economy by optimizing resource utilization. Sprayking Limited remains dedicated to innovation, sustainability, and exceeding industry standards, and they look forward to continued advancements in their manufacturing processes.
Additionally, the company's board of directors approved the issuance of a 1:1 bonus share, essentially a 100 per cent bonus, to its investors. This move signifies Sprayking's commitment to rewarding its shareholders and reflects the company's impressive growth trajectory over the years. In simpler terms, for every share a shareholder currently holds, they will receive one additional share, effectively doubling their investment. This strategic decision highlights Sprayking's confidence in its future.
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Earlier, 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.
Over the years, Sprayking Limited has transformed from a single manufacturing unit to boasting multiple state-of-the-art production facilities. They have also strategically diversified their product portfolio, offering a wider range of high-quality agro-equipments to cater to the evolving needs of the agricultural sector. This strategic expansion has not only strengthened Sprayking's market position but has also ensured sustained value for all its stakeholders.
The stock’s 52-week high is Rs 60.04 and its 52-week low is Rs 29.06. The stock is up by 23.13 per cent from its 52-week low of Rs 32 and gave multibagger returns of 1,890 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.
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