Time Technoplast rises on getting nod for type-4 composite cylinders for onboard application

Time Technoplast Limited announced on Wednesday after the market hours that Petroleum & Explosives Safety Organisation (PESO) formally notified its approval for type-4 composite cylinders for onboard application for the range of cylinders. Bureau Veritas has also confirmed its approval through a separate communication.  

The company is in touch with OEMs for buses, HCVs, CVs & passenger cars as well as with manufacturers of CNG conversion kits for aftermarket.  

Reacting to this, the company’s stock today increased by 4.51 per cent and made an intraday high of Rs 84.50 per share at 9.16 am. The stock of the company has increased by 196 per cent from its decline in May 2020.  

The company reported a net profit of Rs 39.84 crore in Q3FY21. In Q3FY20, it had reported a net profit of Rs 50.10 crore, which is a decrease of 20.49 per cent. The company reported net sales of Rs 834.81 crore for Q3FY21, a decrease of 9.57 per cent, as against the net sales of Rs 923.20 crore for Q3FY20.  

Time Technoplast is a technology-based innovative polymer product company. It caters to diverse segments like industrial packaging, infrastructure, lifestyle, healthcare, composites, and auto components-related products.  

According to BSE data, the stock traded at a P/E multiple of 46.19 and a price-to-book ratio of 1.29. The stock has a 52-week high and a 52-week low of Rs 86.20 and Rs 27.80, respectively.  

At 12.12 pm today, the share of the company was trading at Rs 82.95 per share on BSE, up by 2.60 per cent.