Time Technoplast to discontinue operations at Sahibabad Unit

Time Technoplast Ltd has announced that in view of the Company's expansion at Uttarakhand which will accommodate the products currently manufactured at Sahibabad Unit, Company has decided to dis-continue operations at Sahibabad Unit and dispose off just the land and building. Rest of the assets i.e. plant and machinery, moulds and other utilities are to be used in Company's current operations.

The Company has entered into an MoU with Prime Honda, Capital Cars Pvt Ltd, New Delhi (Member of Itochu Group, Japan and dealers of Honda Cars) for the sate of land and building at Sahibabad for an amount of Rs 1545 laths (Present book value approx Rs 210 Lakhs). The possession of the premises is to be given on or before October 31, 2007.

As a result, Company expects substantial savings in its operational cost and the disposal of land and building at Sahibabad would enable it realize maximum value of its assets with the present spurt in real estate prices in National Capital Region.

The stock was trading at Rs.605.55, up by Rs.41.75 or 7.41%. The stock hit an intraday high of Rs.611 and low of Rs.566. The total traded quantity was 719547 compared to 2 week average of 894620.

Source : Equity Bulls

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