Time Technoplast shares rise 6% on timely repayment of CPs

Shares of Time Technoplast Ltd rose nearly 6% in early trade today after the company said it has made timely repayment of maturity amounts of commercial papers (CPs) due on June 26, 2023. 

Time Technoplast stock rose 5.71% to Rs 124.50 against the previous close of Rs 117.77 on BSE. Market cap of the firm stood at Rs 2798.57 crore. Earlier, the stock opened flat at Rs 117.01 on BSE. The share belonging to the plastics products industry has gained 18.64% in a year and risen 35.36% this year. Total 3.67 lakh shares of the firm changed hands amounting to a turnover of Rs 4.50 crore in the previous session session. Market cap of the firm rose to Rs 2802 crore.

The stock hit a 52-week low of Rs 69.55 on March 27, 2023 and a 52-week high of Rs 125.90 on September 2, 2022.  

In terms of technicals, the relative strength index (RSI) of the stock stands at 74.1, signaling it's trading in the overbought zone. Time Technoplast shares have a beta of 1.2, indicating high volatility in a year.  

In the March quarter of last fiscal, Time Technoplast posted a net profit of Rs 63.6 crore against Rs 55.5 crore profit during the quarter ended March 2022. Consolidated sales rose to Rs 1193 crore in Q4 against Rs 1040 crore during the quarter ended March 2022.       

EBITDA margins, too, climbed to 14.19 percent in the March 2023 quarter compared to 13.35 percent in the year-ago period. 

Time Technoplast declared a final dividend of Rs 1.25 per share for FY23. 

As per annual earnings for the fiscal ended March 2023, the firm reported a profit of Rs 219 crore against a profit of Rs 188 crore in the year ago period. Profit for March 2020 fiscal stood at Rs 103.4 crore. 

Sales zoomed to Rs 4293 crore in the March 2023 fiscal against Rs 3652 crore for the fiscal ended March 2022. Sales for the fiscal ended March 2021 stood at Rs 3008 crore.

About the company

Time Technoplast makes technology-based polymer and composite products. The company manufactures large-size plastic drums, composite cylinders, and intermediate bulk containers. The company's segments include Polymer Products and Composite Products.

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