Time Technoplast Bullish On Prospects Of New Pipe Range
Time Technoplast Ltd. is confident of its new range of pipes doing well. “The special pipes segment is growing robustly and we have a very good order book there,” Time Technoplast founder Anil Jain told BloombergQuint in an interview.
The company announced yesterday it has won an order worth Rs 40 crore from an engineering and construction contractor for its newly launched multilayer pipes.
There are several other projects for similar product or application at finalisation stage, and the company is striving to secure the sizeable part of the incoming demand, the pipe-maker said in its exchange filing. “Orders of another 10,000 kilometres for our new product are in the pipeline,” Jain said.
Shares of Time Technoplast slipped 0.8 percent after rising as much as 2.4 percent in early trade today. The stock closed 9.3 percent yesterday before the company reported on the order win.
All the six analysts tracked by Bloomberg covering the stock have a ‘Buy’ rating with a consensus 12-month price target of Rs 237.33. The scrip has fallen over 30 percent so far this year, against the near 4 percent gain for the benchmark S&P BSE Sensex Index.
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