Shares of Time Technoplast opened trading up more than 4% on April 12 after the company announced it had received an order from Indraprastha Gas Limited (IGL).

Time Technoplast said the company had bagged an order from Indraprastha Gas (IGL), a joint venture of GAIL, BPCL and the Government of NCT Delhi, to supply CNG Cascade (Type-IV Composite Cylinder) worth Rs 54 crore. The order is to be executed within two years in one release.

Due to the overwhelming response, the existing enhanced capacity (Phase 1 to be completed in FY22-23) is sold out. The company has undertaken a second phase of expansion to increase manufacturing capacity by 600 cascades per annum at an outlay of Rs 125 crore.

It said the expansion, due to be completed by the end of the 2023-24 financial year, will bring total manufacturing capacity to 1080 cascades per annum.

Provisions have also been made to manufacture hydrogen cylinders for seed marketing as part of the second phase of the expansion, the company added.

Recently, Time Technoplast received approval from the Petroleum and Explosives Safety Organization (PESO) to manufacture composite cylinders for oxygen and breathing air.

In the defence sector, these are used by firefighters, climbers, portable household oxygen cylinders, mobile ambulances and hospitals, and underwater activities.

At 9:20 am, Time Technoplast was quoted at Rs 84.04 on the BSE, up Rs 3.35, or 4.15%.

The stock touched a 52-week high of Rs 125.90 on September 2, 2022, and a 52-week low of Rs 69.55 on March 27, 2023. It is trading 33.25% below its 52-week high and 20.83% above its 52-week low.