Time Technoplast shares gain 5% after bagging ₹55 crore order from IOCL

In an exchange filing dated June 25, Time Technoplast said that the additional order for the supply of composite LPG cylinders is valued at around ₹55 crore. “This additional demand is on account of the positive response from the end-user on account of numerous advantages of using composite cylinders like explosion-proof, lightweight, translucent body, etc.,” added Time Technoplast.

The order is for 10 kg capacity composite LPG cylinders, and the order quantity may be increased at the discretion of IOCL, under the same terms and conditions during the validity period. The order is to be executed within 12 months from the date of the purchase order, the company said.

Following the successful completion of the first order and based on promising consumer acceptance, the next order has been released, said Time Technoplast, adding that discussions are also ongoing with Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL).

According to the filing, the company continues to supply its composite cylinders to the overseas market and currently holds approvals for supply in more than 48 countries.

At around 10.55 am on Wednesday, shares of Time Technoplast were trading at ₹342.45 apiece up by 3.31% on NSE. The stock opened the session at ₹343.95, higher than its previous close of ₹331.30, before going on to hit an intraday high of ₹349.

The latest rally in Time Technoplast shares comes days after the stocks hit an all-time high of ₹350.95 on June 21 after final approval from the Petroleum and Explosives Safety Organization (PESO) for manufacturing hydrogen cylinders.

Operating under the aegis of the Department for Promotion of Industry and Internal Trade (DPIIT) PESO is the apex body for the approval of goods used in the oil and gas sector.