Shares of Time Technoplast moved higher in early trade on Thursday, January 2, after the company announced regulatory approvals for a new high-pressure cylinder product, along with details of a recent order win.
At 09:20 am, Time Technoplast was trading at Rs 193.90, up Rs 5.70 or 3.03% on the BSE, compared with the previous close of Rs 188.42.
Approval for new high-pressure cylinder capacity
In an exchange filing, Time Technoplast said it has received approval from the Petroleum and Explosives Safety Organization (PESO) and TUV Rheinland (India) for the manufacture and supply of high-pressure Type-3 fully wrapped fibre reinforced composite cylinders of 2-litre capacity for compressed gas applications.
The approval expands the company’s product portfolio in composite cylinders. Time Technoplast already holds approvals for Composite Oxygen and Breathing Air Type-3 cylinders of 6.8 litres, as well as Composite Hydrogen cylinders, including Type-3 (6.8 litres) and Type-4 (150 litres) capacities.
Recent HPCL order supports visibility
Separately, the company also disclosed that on December 31, it received an order from Hindustan Petroleum Corporation valued at around Rs 51 crore. The contract is for the supply of rigid packaging products (Conipack pails) in sizes ranging from 7.5 litres to 20 litres, with deliveries scheduled over a two-year period.
Why the stock moved up
The stock reaction reflects a combination of regulatory approval for a new product category and order inflow visibility, both of which improve near-term business momentum. The new approval strengthens Time Technoplast’s presence in high-pressure composite cylinders, while the HPCL contract adds to revenue visibility in its packaging segment.
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