Meanwhile, the BSE Sensex was down 175.35 points, or 0.7%, to 24,758.98

On BSE, so far 49,124 shares were traded in the counter as against an average daily volume of 31,612 shares in the past one quarter. The stock hit a high of Rs 61 and hit a low of Rs 57.30 so far during the day. The stock had hit a 52-week high of Rs 69.90 on 3 August 2015. The stock had hit a 52-week low of Rs 42.30 on 12 May 2015. The stock had outperformed the market over the past one month till 8 January 2016, rising 1.63% compared with 1.49% fall in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 3.22% as against Sensex's 7.12% decline. The small-cap polymer products maker has an equity capital of Rs 21.01 crore. Face value per share is Re 1.

Time Technoplast said that Minister of Petroleum had recently announced that public sector oil marketing companies (OMCs) shall soon be rolling out composite cylinders for distribution of LPG in India. Pursuant to government policy, a leading oil marketing company has placed trial order for ‘LiteSafe' composite cylinders on the company which shall soon be launched in the states of Maharashtra and Gujarat, Time Technoplast said after market hours on Friday, 8 January 2016.

This trial order is a precursor to significantly large quantities to be ordered by all OMCs immediately after successful trials, Time Technoplast said. OMC has initiated order for 3 sizes and further order for another two sizes is expected to be finalized shortly, the company said. Based on the response, OMCs will standardize design and size of composite cylinders to be introduced in large quantities, it added.

Time Technoplast informed that India has approximately 28 crore steel cylinders in circulation and over 2.5 crore cylinders are bought by OMCs every year. Going forward composite cylinders are likely to take significant part of new cylinders bought by OMCs, the company said.

Time Technoplast said that the company's composite cylinders LiteSafe are totally explosion proof, translucent (to see the level of gas inside), much lighter in weight (40% of steel cylinder weight), and are corrosion and rust proof. LiteSafe cylinders are successfully in operation in India for over two years with a leading LPG distribution company in private sector and also exported to over 17 countries worldwide, Time Technoplast said. They not only have earned instant acceptance but have excelled in performance leading to repeat orders, the company said.

Time Technoplast said that the company is in the process of finalizing order for some large quantities from overseas which will easily fill in its entire capacity. To meet the growing demand for composite cylinders, the company is expanding its capacity from 3 lakh cylinders to 7 cylinders per annum in India and the additional capacity will be operational not later than March 2016, Time Technoplast said.

On a consolidated basis, Time Technoplast's net profit rose 17.6% to Rs 30.01 crore on 2.9% increase in net sales to Rs 622.40 crore in Q2 September 2015 over Q2 September 2014.

Time Technoplast is a leading manufacturer of polymer products. The company's portfolio consists of technically driven innovative products catering to growing industry segments like, Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infrastructure / Construction related products, Material Handling Solutions & Composite Cylinders.