Time Technoplast soars on bagging order worth around Rs 54 crore

Time Technoplast is currently trading at Rs. 83.47, up by 2.78 points or 3.45% from its previous closing of Rs. 80.69 on the BSE.

The scrip opened at Rs. 83.70 and has touched a high and low of Rs. 84.60 and Rs. 83.05 respectively. So far 70245 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 125.90 on 02-Sep-2022 and a 52 week low of Rs. 69.55 on 27-Mar-2023.

Last one week high and low of the scrip stood at Rs. 84.60 and Rs. 80.40 respectively. The current market cap of the company is Rs. 1824.78 crore.

The promoters holding in the company stood at 51.33%, while Institutions and Non-Institutions held 17.82% and 30.85% respectively.

Time Technoplast has received prestigious order from a major Gas Distribution Company, Indraprastha Gas (IGL), a Joint Venture of GAIL, BPCL and Govt. of NCT Delhi, for supply of CNG Cascades (TYPE-IV Composite Cylinders) for a value of around Rs 54 crore.

Besides, due to overwhelming response and existing enhanced capacity (Phase-I completed in FY 2022-23) sold out completely, the Company has undertaken Phase-II expansion plan for increasing the manufacturing capacity by 600 nos. cascades per annum with a total capital outlay of around Rs 125 crore. Subsequent to this expansion, which will be completed by end of FY 2023-24, total manufacturing capacity will be 1080 nos. cascades per annum. Further, under this Phase II expansion, Company is also making provision for manufacturing of Hydrogen Cylinders for seed marketing.

Time Technoplast is engaged in manufacturing a range of manufacturing polymer packaging products. The company manufactures a range of products such as Industrial and Consumer Packaging Solutions, Lifestyle Products, Auto Components, Healthcare Products and Construction / Infrastructure related products.