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As on 02-Jun-2023  15:26

Time Technoplast spurts about 25% in six days
Shares of Time Technoplast have risen 24.75% in six consecutive sessions.

Time Technoplast announced on 29 May 2023 that its promoter equity shares have been released from pledge. The release of 62,93,120 equity shares (5.41% of total promoter holding) from the lenders will improve the company's risk profile.

The stock outperformed the market over the past one month, rising 24.42% compared with 1.88% increase in the Sensex.

The scrip outperformed the market in past one quarter, climbing 28.51% compared with 6.10% increase in the Sensex.

The scrip underperformed the market in past one year, rising 4.94% compared with 11.98% increase in the Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 86.64. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 82.50, 83.54 and 93.11, respectively. These levels will act as crucial support zones in near term.

Time Technoplast is a multinational conglomerate involved in the manufacturing of technology and innovation driven polymer & composite products.

On a consolidated basis, net profit of Time Technoplast rose 14.54% to Rs 63.57 crore on 14.77% increase in net sales to Rs 1192.38 crore in Q3 March 2023 over Q3 March 2022.

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