Introduction:
Shares of Time Technoplast surged by 5.49% to reach an intraday high of Rs 349.60 per share on Wednesday following the announcement of a significant order from Indian Oil Corporation Limited (IOCL). The company revealed that it has secured an additional order worth Rs 55 crore for the supply of Type-IV LPG composite cylinders.
In an official exchange filing, Time Technoplast stated, “We are pleased to provide an update that the Company has received an additional order for the supply of Composite cylinders (LPG) for a total value of Rs 55 crore (approximately).
These composite LPG cylinders have a capacity of 10 kg each. Furthermore, IOCL holds the discretion to increase the order quantity under the same terms and conditions during the validity period.
The increase in demand is attributed to the positive feedback from end users, who have appreciated the numerous advantages of using composite cylinders, such as being explosion-proof, lightweight, and having a translucent body.
Time Technoplast noted, “After successful completion of the first order and based on promising consumer acceptance, the next order has been released.” The company plans to fulfill this order within the next 12 months.
Additionally, Time Technoplast is in discussions with Bharat Petroleum Corporation Limited (BPCL) and
Hindustan Petroleum Corporation Limited (HPCL) for similar contracts.
Time Technoplast Secures Rs 55 Crore Order from IOCL: Stock Surges 5.49%:
Company Overview
Time Technoplast Ltd (Time Tech) is a multinational conglomerate with operations in Bahrain, Egypt, Indonesia, India, Malaysia, UAE, Taiwan, Thailand, Vietnam, Saudi Arabia, and the USA. The company is a leading manufacturer of polymer products,
offering a wide range of innovative solutions across various sectors including Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infrastructure/Construction materials, Material Handling Solutions, and Composite Cylinders.
Conclusion:
Established in 1992, Time Technoplast has grown through a steadfast commitment to research and development, futuristic product design, and exceptional customer service. The company operates 34 state-of-the-art production facilities worldwide and is globally recognized for its pioneering plastic products. It operates 28 manufacturing units supported by 8 regional and marketing offices, serving both Indian and international markets.
As of the latest figures, the market capitalization of Time Technoplast is Rs 7,773.46 crore according to BSE. At 9:40 AM on the day of the announcement, shares of the company were trading 3.50% higher at Rs 343 per share, while the BSE Sensex was trading flat at 78,069 levels.
FAQ:
Q1: Why did Time Technoplast’s stock price increase?
A1: The stock price of Time Technoplast increased by 5.49% due to the announcement of an additional order worth Rs 55 crore from Indian Oil Corporation Limited (IOCL) for the supply of Type-IV LPG composite cylinders.
Q2: What is the value of the new order from IOCL?
A2: The value of the new order from IOCL is Rs 55 crore.
Q3: What are the specifications of the composite cylinders in the new order?
A3: The composite cylinders in the new order have a capacity of 10 kg each.
Q4: Can the order quantity from IOCL be increased?
A4: Yes, IOCL has the discretion to increase the order quantity under the same terms and conditions during the validity period.
Q5: What are the advantages of using composite LPG cylinders?
A5: Composite LPG cylinders offer numerous advantages, including being explosion-proof, lightweight, and having a translucent body.
Q6: How long will it take for Time Technoplast to deliver the new order?
A6: Time Technoplast is expected to deliver the order within 12 months.
Q7: Is Time Technoplast discussing similar contracts with other companies?
A7: Yes, Time Technoplast is in discussions with Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) for similar contracts.
Q8: Where does Time Technoplast operate?
A8: Time Technoplast operates in Bahrain, Egypt, Indonesia, India, Malaysia, UAE, Taiwan, Thailand, Vietnam, Saudi Arabia, and the USA.
Q9: What products does Time Technoplast manufacture?
A9: Time Technoplast manufactures a diverse range of polymer products, including Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infrastructure/Construction materials, Material Handling Solutions, and Composite Cylinders.
Q10: How long has Time Technoplast been in business?
A10: Time Technoplast was established in 1992.
Q11: What is the market capitalization of Time Technoplast?
A11: The market capitalization of Time Technoplast is Rs 7,773.46 crore, according to BSE.
Q12: How did the stock market react to the announcement of the new order?
A12: Following the announcement, shares of Time Technoplast were trading 3.50% higher at Rs 343 per share, while the BSE Sensex was trading flat at 78,069 levels.
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