Time Technoplast Limited receives order for CNG Cascades

Time Technoplast Limited had announced successful development of CNG Cascades with Carbon Fiber Reinforced Wrapped Type-IV Composite Cylinder and receipt of coveted approval from India's only nodal agency namely Petroleum and Explosives Safety Organization (PESO) (formerly CCOE) and also the 3 party inspection agency of international repute Bureau Veritas. Type-IV Composite Cylinders have successfully undergone all the requisite type and routine tests prescribed under International Standard ISO: 11119-3:2013. During test marketing Type-IV Composite Cylinder Cascades have received overwhelming response.

In view of ever increasing use of CNG in India as an alternate fuel, all CNG distributing companies are expanding their reach / supply which require large number of CNG Cascades. With the lesser operating cost, Cascades with Type-IV Cylinders will be the first choice of CNG distribution Companies as is evident in the tender documents where Type-IV Cylinder Cascades are accorded preference.

The CNG distribution companies had started floating tenders with Type-IV Composite Cylinder Cascades as their preferred choice. Company had éstimated a total market size of about Rs 600 - 800 Crores per year which stands revised to almost twice as much. The Company has announced that CNG Cascades Type-IV has received overwhelming response in a short period of time. The Company has recently received a single order for value of Rs 41.6 crores approx. from one of the leading gas distribution Company in India. This is in addition to orders received valued at about Rs. 12 crores already. Several other tenders are also in the pipeline and are likely to be finalized in next months. Company is confident to secure substantial business being the only local manufacturer in India.

Having made an excellent beginning, Company is quite confident for sizeable business in the period ahead.

Shares of TIME TECHNOPLAST LTD. was last trading in BSE at Rs.61.7 as compared to the previous close of Rs. 60.35. The total number of shares traded during the day was 67878 in over 674 trades.

The stock hit an intraday high of Rs. 63 and intraday low of 60.5. The net turnover during the day was Rs. 4188164.

Source : Equity Bulls

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