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Shares of Time Technoplast jumped nearly 13.74% in four trading sessions from its previous closing low of Rs 104.40 on 19 August 2022. The counter hit a 52-week high of Rs 121.65 in intraday today. The stock has surged 88.2% from its 52-week low of Rs 63.10 recorded on 24 February 2022.
On the BSE, 11.57 lakh shares were traded in the counter so far compared with average daily volumes of 2.20 lakh shares in the past two weeks.
In last one month, the stock has jumped nearly 15% outperforming the Nifty 50 index which rose 5.45% in the same period.
On the daily chart, the stock is trading above its 50, 100 and 200-day simple moving average placed at 105.25, 100.01 and 87.73 respectively. These levels will act as crucial support zones in near term.
On the technical front, the stock's daily RSI (relative strength index) stood at 66.21. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
Time Technoplast is a leading technology based innovative polymer product manufacturer. Its product line caters to diverse segments like industrial packaging, infrastructure, lifestyle, healthcare, composites and auto components related products. The company has presence in India, Thailand, Taiwan, Indonesia, Vietnam, Malaysia, UAE, Bahrain, Saudi Arabia & Egypt.
The company's consolidated net profit jumped 55.6% to Rs 44.39 crore on 25.2% increase in net sales to Rs 944.47 crore in Q1 FY23 over Q1 FY22.
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