Time Technoplast receives Rs180 crore order from IOCL; stock gains over 1%

4 Mar 2022 , 01:18 PM

Time Technoplast Ltd. has received the most awaited single largest order of 7,58,814 Nos. cylinders of 10 kg capacity for a value of Rs180.0 crore (approx.) from Indian Oil Corporation Limited (IOCL), to be supplied over the next 12 months.

This is for the first time in India that the Public Sector OMC has come out with such a large order for Type-IV LPG Composite Cylinders, company said in a filing on Thursday.

At around 1.22 pm, Time Technoplast Ltd was trading at Rs74.30 per piece up by Rs0.9 or 1.23% from its previous closing of Rs73.40 per piece on the BSE.

Furthermore, IOCL has said that the same order quantity may be repeated at their discretion for a further period of up to 12 months, on same terms and conditions.

Keeping with the growing demand for LPG Composite Cylinders both domestically and internationally, the Company plans to add additional 1-million-cylinder manufacturing capacity with a capital outlay of about Rs90 crore in the period of next 12-15 months.