Time Technoplast Ltd receives order from Indraprastha Gas Ltd for supply of CNG Cascades

Time Technoplast Ltd has received prestigious order from a major Gas Distribution Company, INDRAPRASTHA GAS LIMITED (IGL), a Joint Venture of GAIL, BPCL and Govt. of NCT Delhi, for supply of CNG Cascades (TYPE-IV Composite Cylinders) for a value of INR 54.0 Crores (appx.).

The Company had already announced orders from major gas distribution companies like Bharat Petroleum Corporation Limited (BPCL), Mahanagar Gas Limited (MGL), Maharashtra Natural Gas Limited (MNGL), Adani Total Gas Limited and many more.

Due to overwhelming response and existing enhanced capacity (Phase-I completed in FY 2022-23) sold out completely, the Company has undertaken Phase-II expansion plan for increasing the manufacturing capacity by 600 nos. cascades per annum with a total capital outlay of INR 125 crores appx. Subsequent to this expansion ,which will be completed by end of FY 2023-24, total manufacturing capacity will be 1080 nos. cascades per annum. Further, under this Phase-II expansion, Company is also making provision for manufacturing of Hydrogen Cylinders for seed marketing.

Shares of Time Technoplast Limited was last trading in BSE at Rs. 80.69 as compared to the previous close of Rs. 81.52. The total number of shares traded during the day was 81749 in over 778 trades.

The stock hit an intraday high of Rs. 82.50 and intraday low of 80.40. The net turnover during the day was Rs. 6630039.00.

Source : Equity Bulls

Keywords

TimeTechnoplast INE508G01029 OrderWin CNGCascades IndraprasthaGas