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Time Technoplast trades higher on getting PESO approval for Type-4 Composite Cylinders

Time Technoplast is currently trading at Rs. 82.55, up by 0.45 points or 0.55% from its previous closing of Rs. 82.10 on the BSE.

The scrip opened at Rs. 82.45 and has touched a high and low of Rs. 84.50 and Rs. 82.25 respectively. So far 84216 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 86.20 on 11-May-2021 and a 52 week low of Rs. 27.80 on 22-May-2020.

Last one week high and low of the scrip stood at Rs. 84.50 and Rs. 77.90 respectively. The current market cap of the company is Rs. 1880.41 crore.

The promoters holding in the company stood at 51.33%, while Institutions and Non-Institutions held 26.45% and 22.22% respectively.

Time Technoplast has received formal approval from Petroleum & Explosives Safety Organization (PESO) for Type-4 Composite Cylinders for ‘On-Board’ application for range of Cylinders. Bureau Veritas has also confirmed their approval through a separate communication.

With PESO approval in place, company expects significant movement for the use of Type-4 Composite Cylinders by OEMs and also in the aftermarket. It may be worthwhile mentioning that the company had already received PESO’s approval for Type-4 Composite Cylinders for Cascade application. Several of Type-4 Composite Cylinder Cascades are successfully in operation already.

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.

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