Time Techno hits new high

Time Technoplast is the top gainer on the BSE and seems to be holding on to that spot since the opening bell. The stock, which had closed yesterday at Rs.173.85, opened today at Rs.186.15 and went on to hit a new 52-week high at Rs.198.55, up over 14%.

The stock price was buoyed by its encouraging earnings for Q3FY24.

It posted a 17% (YoY) rise in total income at Rs.1327 crore on which it posted a 50% jump in PAT at Rs.92 crore.

EBITDA came in at Rs.192 crore, up 26% while margins rose from 13.5% to 14.5%.

Total Debt reduced by Rs.65 crore in 9MFY24 from year ended FY23.

The company also said that its Board approved and authorised, disinvestment of 50% business in Middle East on Debt & Cash free basis for a valuation of around $25 million. The geographies agreed for disinvestment contributes 7.5% to the consolidated revenue and it expects to complete this within a period of 90 days. Proceeds raised are to be used for debt reduction.

Its Board also approved sale of Non-Core Assets (land, building & plant, equipment etc.) for total value of Rs.1.25 billion and authorised completion of formalities for recently concluded transaction of sale of land and building in the Southern Region for value of Rs.26 crore.