Time Technoplast's share price gained more than 4 percent in the opening trade on April 12 after the company announced receiving an order from Indraprastha Gas Limited (IGL).
The company has received order from Indraprastha Gas (IGL), a joint venture of GAIL, BPCL and the government of NCT Delhi, for the supply of CNG cascades (TYPE-IV composite cylinders) for a value of Rs 54 crore, said Time Technoplast in a release The order is to be executed within two years.
Due to an overwhelming response, the existing enhanced capacity (Phase-I completed in FY 2022-23) sold out completely and the company had undertaken Phase-Il expansion to expand manufacturing capacity by 600 cascades per annum with an outlay of Rs 125 crore.
This expansion, which would be completed by end of FY 2023-24, total manufacturing capacity would go up to 1080 cascades per annum, it said.
As part of the Phase-II expansion, the company was also making provisions for the manufacturing of hydrogen cylinders for seed marketing, the company added.
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Recently, Time Technoplast got the approval of the Petroleum and Explosives Safety Organisation (PESO) to manufacture composite cylinders for oxygen and breathing air.
These are used by fire fighters, mountain climbers, portable home oxygen bottles, mobile ambulances and hospitals, in the defence sector and for under-water activities.
At 9.20 am, Time Technoplast was quoting at Rs 84.04, up Rs 3.35, or 4.15 percent, on the BSE.
The share touched a 52-week high of Rs 125.90 on September 2, 2022 and a 52-week low of Rs 69.55 on March 27, 2023. It is trading 33.25 percent below its 52-week high and 20.83 percent above its 52-week low.
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