Time Technoplast to enhance capacity, to acquire facilities in Daman

Time Technoplast already has production facilities at 6 locations countrywide including 2 sites in the West viz, Daman and Mahad (Maharashtra). As a part of the growth strategy of the Company, efforts are made consistently to bridge the demand - supply gap, suitably enhancing the production capacity by undertaking expansion in the existing units as well as augmenting the same by acquiring additional production capacities.

Considering the consistently growing demand for the Company's products in the industrial packaging segment, the Company proposes to buy the Land and Building, Plant and Machinery and other Fixed Assets aggregating in all to about INR 536 lacs (duties and taxes extra, as applicable) and inventories at actual cost, from two enterprises engaged in the manufacture of industrial plastic drums / containers of capacity ranging from 20 to 200 Litres, at Daman. The process is planned to be completed during July' 2007 itself.

Company expects that the enhancement in the production capacities at Daman would enable it meet the increasing spurt in demand in the industrial packaging segment in the Western Region.

The stock was trading at Rs.638.75, up by Rs.1 or 0.16%. The stock hit an intraday high of Rs.650.90 and low of Rs.621. The total traded quantity was 126319 compared to 2 week average of 621292.

Source : Equity Bulls

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