Time Technoplast advances after joining hands with Confidence Petroleum India

Time Technoplast rose 3.01% to Rs 88.90 at 14:51 IST on BSE after the company said it joined hands with Confidence Petroleum India for blast proof LPG cylinders.

The announcement was made after market hours yesterday, 26 February 2019.

Meanwhile, the S&P BSE Sensex was down 109.11 points, or 0.30% to 35,864.60.

On the BSE, 41,000 shares were traded in the counter so far compared with average daily volumes of 19,000 shares in the past two weeks. The stock had hit a high of Rs 94.10 and a low of Rs 88 so far during the day. The stock hit a 52-week high of Rs 184.05 on 17 April 2018. The stock hit a 52-week low of Rs 76.20 on 12 February 2019.

Confidence Petroleum India entered into a cooperation agreement with Time Technoplast to give major thrust to retail LPG under the brand name "GoGas Elite" making safe use of LPG in Indian kitchens across the nation.

Confidence Petroleum India launched blast proof, light weight, translucent composite LPG cylinders under the brand name GoGas Elite in India a couple of months ago. In a short span, it received overwhelming response from residential as well as commercial consumers. This cooperation is aimed at GoGas Elite expanding in more cities & towns across the country. The composite cylinders manufactured by Time Technoplast are used world over and Confidence Petroleum India has taken initiative to promote these composite cylinders under its brand name GoGas Elite to reach Indian kitchens.

Anil Jain, managing director & CEO, Time Technoplast stated that Time Technoplast introduced LiteSafe Composite Cylinders- translucent, lighter & absolutely blast proof for the first time in India. It has approval for these cylinders in 58 countries and it is exporting it to over 28 countries worldwide. The company is grateful to Confidence Group for launching the LiteSafe composite cylinders in Indian market under the brand name "GoGas Elite".

Confidence Petroleum India and Time Technoplast expects substantial purchases of the "Lite Safe" composite cylinders over the next three to five years.

On a consolidated basis, net profit of Time Technoplast rose 15.88% to Rs 54.16 crore on 15.64% rise in net sales to Rs 872.71 crore in Q3 December 2018 over Q3 December 2017.

Time Technoplast is a multinational conglomerate with operations in Bahrain, Egypt, Indonesia, India, Malaysia, UAE, Taiwan, Thailand, Vietnam & Saudi Arabia is a leading manufacturer of polymer products. The company's portfolio consists of industrial packaging solutions, lifestyle products, automotive components, healthcare products, infrastructure/ construction related products, material handling solutions & composite cylinders.

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