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Sprayking Agro Equipment Limited’s shares were up by 4.98 per cent after the company reported it won a legal battle at the Customs, Excise and Service Tax Appellate Tribunal. The tribunal has absolved the company of a contingent liability of Rs 11.55 crore from prior years, which had been in dispute since the Central Excise Department issued a notice for the fiscal year 2011-12.
Hitesh Dudhagara, Managing Director of Sprayking, said, “This favourable ruling not only validates our adherence to regulatory norms but also reaffirms our commitment to conducting business with integrity and diligence. It reinforces our confidence in pursuing excellence while fostering trust among our stakeholders.”
The company recently acquired a 3,000 sq m manufacturing facility in Jamnagar, Gujarat. This is expected to expand its capabilities in producing brass and forging components, and strengthen its market position.
Furthermore, the company expanded its operations by acquiring a 51 per cent share in Narmada Brass Industries. It specialises in the production of copper-brass goods, with an annual capacity of 2,000 tonnes. According to the company, this acquisition aligns with its goal of organic and inorganic growth to meet the demands of both domestic and international markets.
The shares were up by 4.98 per cent to Rs 226.55 at 10.17 am on the BSE.
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