Time Technoplast Ltd (The Company) has announced that after a long wait, Government owned Oil Marketing Companies (OMCs) have started to procure Type-IV LPG Composite cylinders which have numerous technical and operational advantages over conventional metal cylinders such as light weight, corrosion proof and rust free, long service life and 100% explosion proof. To begin with, the Company has received trial orders for 30,000 cylinders (appx) for various destinations in India.
As per published data by the Government Authorities, the total number of LPG cylinders (mainly metal) which are in population is around 28 crores with an average life of 10 - 15 years. In view of this, market potential for Composite cylinders in the period ahead is quite substantial on account of various advantages over metal cylinders as mentioned above. Marked increase in the prices of metal in the last 1 year will enable faster replacement of metal cylinders with Composite Cylinders for LPG for household and commercial use.
The Company is already having approval from Government nominated Authority i.e. Petroleum and Explosive Safety Organization (PESO) for all sizes (ranging from 2 kg to 22 kg) of cylinders and is exporting to more than 48 countries. The worldwide market for Composite cylinders is also very huge and the Company is amongst the top 2 players in terms of product range and revenue.
Shares of Time Technoplast Limited was last trading in BSE at Rs. 82.9 as compared to the previous close of Rs. 83.45. The total number of shares traded during the day was 114419 in over 1181 trades.
The stock hit an intraday high of Rs. 85.65 and intraday low of 81.5. The net turnover during the day was Rs. 9551314.