Time Technoplast rose 3.69% to Rs 85.75 after the company said that its board approved restructuring overseas business.
The company's board on Saturday (9 April 2022) approved a proposal for restructuring overseas business to capture the growth in Asian Countries, Middle East and USA through joint venture/special purpose vehicle by onboarding strategic partner/investor partner by way of sale/transfer/disposal of part of assets/investments of subsidiaries/material subsidiaries/step down subsidiaries.The company said that it will benefit by utilizing proceeds of the restructuring for repayment of debt, capex for composite cylinders (LPG/CNG/Hydrogen) & core business in India to meet huge market demand and benefit to the shareholders, it said in a release.
Meanwhile, the board also approved the appointment of Bharat Kumar Vageria as a managing director and Vishal Anil Jain as a non-executive director.
Time Technoplast is a leading technology based innovative polymer product manufacturer. Its product line caters to diverse segments like industrial packaging, infrastructure, lifestyle, healthcare, composites and auto components related products. The company has presence in India, Thailand, Taiwan, Indonesia, Vietnam, Malaysia, UAE, Bahrain, Saudi Arabia & Egypt.
The company's consolidated net profit rose 39.71% to Rs 53.72 crore on 12.84% increase in sales to Rs 941.97 crore in Q3 FY22 over Q3 FY21.
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