Time Technoplast shares up nearly 4% on another order from Maharashtra Natural Gas

The total order from MNGL now stands at Rs 159 crore and has to be completed over the next year

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Time Technoplast share price rose nearly 4 percent intraday on March 1 after the company said it received an additional Rs 25-crore order from Maharashtra Natural Gas Limited (MNGL).

The total order from MNGL now stands at Rs 159 crore and has to be completed within a year, the company said in a release.

On February 15, Time Technoplast got a Rs 134- crore order from MNGL. The order includes supply of CNG cascades made from Type-IV composite cylinders.

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To meet the growing demand for Type-IV composite cylinders for CNG cascades, the company management is undertaking capex in a phased manner.

In Phase I (FY 2022-23), the company is increasing the manufacturing capacity by 300 cascades (18,000 cylinders.) With a capital outlay of Rs 55 crore and with this expansion, the total cascade manufacturing capacity will increase from 180 to 480 cascades (28,800 cylinders) by March 2023, the company said.

Under Phase II, the management has already undertaken the expansion programme to increase the capacity by another 600 cascades (36,000 cylinders) and it would be completed in Q4 FY2024 with an outflow of Rs 125 crore.

The total cascade manufacturing capacity on the completion of Phase II will be 1,080 cascades (64,800 cylinders) a year from March 2024, the company said.

At 12.35 pm, the share was trading at Rs 83.75 on the National Stock Exchange, up 3.4 percent from the previous close.