Stock below 100: This plastic product company receives repeat order from Adani Total Gas. Do you own it?

The company announced the exchange that they have received a prestigious repeat order from Adani Total Gas for the supply of CNG Cascades for a total value of close to Rs 75 crore.

On Tuesday, shares of Time Technoplast surged more than 18.7 per cent from the previous closing level of Rs 83.85 to make an intraday high of Rs 99.60. The scrip witnessed a spurt in volume by more than 7.08 times.   

On December 26 2022, the company announced the exchange that they have received a prestigious repeat order from Adani Total Gas for the supply of CNG Cascades for a total value of close to Rs 75 crore. The delivery of these cascades will begin in January 2023. The company received a similar order worth Rs 80 crore last year from a leading public-sector gas distribution company.   

Time Technoplast is a multinational conglomerate involved in the manufacturing of technology and innovation-driven polymer & composite products. The company is the largest manufacturer of large-size plastic drums with a market share of 60 per cent, the second largest manufacturer of composite cylinders and the third largest intermediate bulk container manufacturer.  

The stock witnessed some profit booking and closed 5.72 per cent up at Rs 88.65. The stock has shown good traction this year with the company giving more than 27.50 per cent returns on an annual basis.