Time Technoplast surged 9.53% at Rs 55.15 at 10:05 IST on BSE after the RBI raised the ceiling on investment in the company's shares by Registered Foreign Portfolios Investors under the portfolio investment scheme to 49% from 24%.
Meanwhile, the BSE Sensex was down 18.17 points, or 0.06%, to 28,826.61
On BSE, so far 3.11 lakh shares were traded in the counter as against an average daily volume of 1.78 lakh shares in the past one quarter.
The stock hit a high of Rs 55.40 and hit a low of Rs 52.80 so far during the day. The stock had hit a 52-week high of Rs 58.25 on 16 September 2014. The stock had hit a 52-week low of Rs 34 on 2 May 2014.
The mid-cap polymer products maker has an equity capital of Rs 21.01 crore. Face value per share is Re 1.
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On a consolidated basis, Time Technoplast's net profit rose 21.3% to Rs 27.58 crore on 15.2% increase in net sales to Rs 631.18 crore in Q3 December 2014 over Q3 December 2013.
The Reserve Bank of India after market hours yesterday, 9 March 2015, raised the ceiling on investment in the shares of Time Technoplast by foreign institutional investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) under the portfolio investment scheme to 49% of the company's equity capital, from the earlier 24%. Total FII holding in Time Technoplast stood at 17.6% as on 31 December 2014. The purchases could be made through primary market and stock exchanges, the RBI said.
Time Technoplast is a leading manufacturer of polymer products. The company's portfolio consists of technically driven innovative products catering to growing industry segments like, Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infrastructure / Construction related products, Material Handling Solutions & Composite Cylinders.
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