Sprayking Agro Equipment Limited witnessed a surge in its shares, hitting the 5% upper circuit limit during morning trade after the company received a favourable order from the Customs, Excise & Service Tax Appellate Tribunal (CESTAT).
Shares of Sprayking hit the 5% upper circuit at Rs 226.55 during the early trading hours on the National Stock Exchange (NSE).
The legal battle dates back to the fiscal year 2011-12, when the Central Excise Department issued a notice to Sprayking Agro Equipment for a contingent liability of Rs 11.556 crore. CESTAT has now resolved the dispute in favour of the company, absolving it of the liability.
The final order from CESTAT, received on November 6, 2023, marks the conclusion of a persistent battle and rigorous efforts by Sprayking Agro Equipment. The company is no longer obligated to pay the contested amount.
Hitesh Dudhagara, Managing Director of Sprayking, expressed his delight with the outcome, emphasizing the company’s commitment to regulatory norms and integrity in business. He thanked stakeholders for their support, patience, and trust throughout the challenging legal process.
Founded in 2005, Sprayking Agro Equipment specializes in manufacturing brass parts and components, including transformer parts, fittings, forging equipment, and other brass components.
The company recently expanded its manufacturing capabilities by acquiring a new Jamnagar, Gujarat plant covering 3,000 square meters. The plant is expected to enhance Sprayking’s brass and forging components production.
Additionally, the company acquired a 51% stake in Narmada Brass Industries to expand its business in producing copper-brass goods further.