Sprayking Agro Equipment Hits 5% Upper Circuit On Winning Rs 115.56 Mn In Legal Fees From CESTAT

On Wednesday, the shares of Sprayking Agro Equipment were locked in 5% upper circuit limit of Rs 226.55 apiece during the morning deals after the company received an order from Customs, Excise & Service Tax Appellate Tribunal (CESTAT).

Regarding its contingent obligation from previous years, Sprayking Agro Equipment Limited announced that it has received a final order for INR 115.56 million from the Customs, Excise & Service Tax Appellate Tribunal. An announcement for INR 115.56 million for FY 2011-12 has previously been delivered to the Company by the Central Excise Department. The Customs, Excise & Service Tax Appellate Tribunal found in favour of the firm on November 6, 2023, after the company and the department battled over the same charge. As a consequence, the corporation is no longer responsible for INR 115.56 million.

The company recently acquired a brand-new manufacturing plant in Jamnagar, Gujarat. Similar to the company's current manufacturing site, the unit will manufacture brass and forging parts and components. This state-of-the-art 3,000 square metre manufacturing facility is laid out.

This production plant's installation will improve the company's standing in the market. Sprayking Agro Equipment Limited has acquired a 51% stake in M/s. Narmada Brass Industries in an endeavour to expand the business. In 2019, Mr. Hitesh Dudhagra established the joint venture Narmada Brass Industries. Narmada Brass has its own production plant where it manufactures copper brass products. The plant can manufacture 2,000 tonnes of forged products per year. As a result of this spending, the company is growing quickly and fulfilling new orders from both domestic and foreign customers.

Mr. Hitesh Dudhagara, Managing Director of Sprayking said "We are delighted to share the recent outcome regarding the long-standing dispute with the Excise department, pertaining to a contingent liability from prior years amounting to INR 115.56 million. After a persistent battle and rigorous efforts, we are pleased to announce that the Customs, Excise & Service Tax Appellate Tribunal ruled in our favor on November 6, 2023.

This ruling signifies the culmination of our unwavering commitment to uphold transparency, compliance, and fairness in our operations. We extend our heartfelt gratitude to all our stakeholders for their unwavering support, patience, and trust throughout this challenging period. Your steadfast belief in our values and dedication has been instrumental in navigating through this legal process."

"This favorable 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. Once again, we express our sincere appreciation to our shareholders, employees, customers, and partners for standing by us during this time. Your continued support is pivotal in our journey towards sustained growth and success," he further added.

Sprayking Agro Equipment Limited was founded in 2005 and specialises in producing brass parts and components, such as transformer parts, fittings, forging equipment, and other brass components. Sprayking is a well-known producer with an emphasis on copper forging products.