 "Time Technoplast zooms 5% on bagging additional order of Rs 55 cr from IOCL")
Time Technoplast stock jumps: Shares of Time Technoplast soared as much as 5.49 per cent to hit an intraday high of Rs 349.60 per share on Wednesday.
The uptick in share price came after Time Technoplast announced that it has secured an additional order for supply of Type-IV LPG composite cylinders from Indian Oil Corporation Limited (IOCL).
In an exchange filing, Time Technoplast said, “We are pleased to provide an update that the Company has received an additional order for supply of Composite cylinders (LPG) for a total value of Rs 55 crore (approximately).”
The order is for 10 kg capacity Composite LPG cylinders. The order quantity may be increased at the discretion of IOCL, on same terms and conditions during the validity period, the company said.
This additional demand, Time Technoplast said, is on account of the positive response from the end user on account of numerous advantages of using composite cylinders like explosion proof, light weight, translucent body etc.
“After successful completion of the first order and based on promising consumer acceptance, the next order has been released,” Time Technoplast added.
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Meanwhile, the company is expected to deliver the order within 12 months.
Furthermore, discussions are in progress also with Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL).
Time Technoplast Ltd (Time Tech) is a multinational conglomerate with a strong presence in Bahrain, Egypt, Indonesia, India, Malaysia, UAE, Taiwan, Thailand, Vietnam, Saudi Arabia, and the USA.
It is a leading manufacturer of polymer products, offering a diverse portfolio of innovative solutions for burgeoning industry sectors including Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infrastructure/Construction materials, Material Handling Solutions, and Composite Cylinders.
With over 34 state-of-the-art production facilities worldwide, Time Tech is globally recognised for its pioneering plastic products.
Since its establishment in 1992, the company has distinguished itself through a steadfast commitment to research and development, futuristic product design, and exceptional customer service.
Operating 28 manufacturing units and supported by 8 regional and marketing offices, Time Technoplast is dedicated to meeting the evolving demands of both Indian and international markets, filling crucial gaps with innovative solutions.
The market capitalisation of the company is Rs 7,773.46 crore, according to BSE.
At 9:40 AM, shares of the company were trading 3.50 per cent higher at Rs 343 per share. In comparison, BSE Sensex was trading flat at 78,069 levels.