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Indian farm equipment maker Sprayking Agro Equipment Limited is poised to advance its growth with the announcement of an initial public offering (IPO) for its subsidiary, Narmadesh Brass Industries Limited. Managing Director Mr. Hitesh Dudhagara confirmed this strategic move today, which aims to enhance the company’s market presence and financial health.

The IPO is part of Sprayking’s broader strategy to expand its manufacturing capabilities and meet the increasing demand for brass components both domestically and internationally. To support this ambition, the company has recently taken over a new manufacturing facility in Jamnagar, which will significantly increase their production capacity.

The positive investor sentiment was evident today at the Bombay Stock Exchange (BSE) market opening, where Sprayking’s stock surged by 5%, hitting the upper circuit with shares priced at ₹243. This rally follows the company’s latest financial report, which highlighted a substantial trading volume with more than 35,462 shares leading to a net turnover of approximately ₹8.29 million. The stock concluded the day at ₹231.65 per share after reaching an intraday high.

The recent acquisition by Sprayking reflects a calculated effort to bolster its output capabilities, with the Jamnagar facility set to produce up to 2,000 tons of forged brass goods annually. Dudhagara noted that the steadfast support from stakeholders has been crucial to their journey of success.

Investors are closely watching Sprayking as it navigates through this expansion phase, which includes increasing its stake to a controlling 51% in Narmada Brass Industries. These steps are intended to reinforce Sprayking’s position as a key player in the agro-equipment industry while catering to the robust demand across various markets.

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Original: Stock Market News: Sprayking Agro to launch IPO for unit Narmadesh Brass Industries By Investing.com